City Hive's Bev Shah: What the World Cup taught the industry about culture and performance

Image: Bev Shah

Eleven players don't win World Cups. The team does.

What the 2026 World Cup can teach the investment management industry about culture, leadership and collective performance

By Bev Shah, co-CEO, CIty Hive 

A note before I start. I'm not going to claim to be an expert on football. My interest lies in what happens around the game - how teams are built, how managers and captains shape behaviour, how players respond under pressure and why some squads achieve more than the sum of their individual talent. Viewed through that lens, this World Cup offers some striking parallels with investment management.

As England's World Cup campaign came to an end in the semi-finals, it reinforced something we see repeatedly in elite sport. Teams that consistently reach the latter stages of major tournaments are rarely defined by individual brilliance alone. They are built on culture, trust, clarity of purpose and a collective commitment to something bigger than themselves.

The same is true in investment management. Firms rely on talented portfolio managers, analysts and client-facing professionals, but sustained success comes from creating an environment where people perform effectively together.

Teamwork and collaboration

Football succeeds through coordination. Players anticipate one another's movements, communicate clearly and trust teammates to fulfil their responsibilities. Even the strongest squads struggle when individuals operate in isolation or different parts of the team fail to connect.

Investment management works in much the same way. Investment decisions and client outcomes are rarely the product of one individual. Portfolio managers, analysts, operations, compliance and client-facing teams all contribute different expertise. Firms therefore need structures and behaviours that allow information, challenge and insight to flow across the organisation - from investment decision-making through to client delivery.

Everyone knows their role

Successful World Cup squads depend on role clarity. Not every player starts every match or scores the goals. Some provide experience in the dressing room, others bring energy from the bench, while some are called upon only when circumstances demand it. What matters is that everyone understands their role and is ready when the opportunity comes.

Investment firms are no different. People need to understand not only their own responsibilities but how their work contributes to colleagues and ultimately to better client outcomes. Clear roles create accountability, reduce duplication and help organisations adapt when circumstances change.

Recruitment and talent development

Top football clubs recruit players who strengthen both the team and its culture. Manchester United under Sir Alex Ferguson became known not only for identifying talent but for developing it within an environment built on discipline, resilience and continuous improvement.

Investment firms face the same challenge. Recruitment should consider technical ability, potential and cultural alignment, while mentoring, coaching and continuous learning help people grow throughout their careers.

The strongest organisations recruit for long-term contribution rather than immediate impact. Developing people is not separate from building culture - it is one of the main ways culture is sustained.

Learning doesn't end when people leave

Footballers often talk about the teammates, captains and managers who shaped their careers long after they've moved clubs. Those relationships continue to influence how they think, prepare and perform.

Investment management follows a similar pattern. Former colleagues frequently become clients, consultants, board members, partners or competitors. Firms with strong cultures recognise that professional relationships do not end when someone leaves.

Maintaining those connections creates opportunities to learn from different organisations and perspectives while strengthening trust and knowledge across the wider industry.

Leadership and coaching

International football managers spend remarkably little time with their squads compared with club managers. They cannot control every decision made on the pitch. Instead, they establish a clear approach, select the right people and build enough trust for players to make good decisions under pressure.

Captains and experienced players reinforce those standards every day. Leadership is distributed across the team rather than concentrated in one individual.

The same principle applies in investment management. CEOs, CIOs and senior leaders cannot oversee every investment decision or client meeting, nor should culture depend entirely on their presence. Their role is to create an environment where people understand expectations, challenge constructively and take responsibility for their decisions.

Culture is what guides behaviour when the leader is not in the room. The most effective organisations create conditions where people speak up, learn from mistakes and exercise sound judgement without constant supervision.

Resilience and adaptability

Tournament football demands resilience. Teams recover from setbacks, manage pressure and adapt as matches unfold without abandoning the principles that define how they play.

Investment firms face similar challenges. Market volatility, regulatory change and evolving client expectations require organisations to respond without becoming reactive. Resilience comes from people who challenge assumptions, consider different perspectives and adjust course while remaining anchored to the firm's purpose.

Pressure has a habit of revealing culture. It becomes clear who takes responsibility, who continues to contribute after making mistakes and how colleagues support one another when things do not go to plan.

Trustworthy governance matters

Strong culture cannot compensate for weak governance. Football depends not only on players and managers but also on clear rules, consistent enforcement and governing institutions that participants and supporters trust. When confidence in those institutions weakens, confidence in the competition suffers.

Investment management is no different. Culture cannot rely solely on the judgement of individual firms or senior leaders. Boards, regulators and independent oversight all play an important role in setting expectations, providing challenge and maintaining trust across the wider system.

This is also why ACT has been designed with an independent governance structure around the standard. Credibility depends not only on what organisations say about their culture but on the challenge, transparency and oversight behind those claims.

A shared purpose

Winning teams are united by more than tactics. Players understand what they are trying to achieve together and the standards expected of them in pursuit of that goal. Shared purpose creates consistency, particularly when pressure is greatest.

In investment management, purpose provides the same alignment. It helps people understand how their decisions affect clients, colleagues and the wider organisation. It should therefore be more than a statement in corporate communications. It should shape priorities, influence decision-making and define how people hold one another to account.

Conclusion

England's World Cup campaign may have ended in the semi-finals, but it reinforced a lesson that extends far beyond football. The strongest teams are not built around one exceptional individual. They succeed through coordination, role clarity, development, leadership, resilience, governance and a shared sense of purpose.

Investment management is no different. Long-term success depends on talented people working within an environment that enables consistently good decisions. It depends on recruiting people who strengthen the organisation, developing them over time, maintaining valuable relationships beyond the firm and supporting culture with credible governance and oversight.

Individual talent can win a match.

Culture is what builds teams capable of winning consistently.

AI is used as an accessibility tool to support dyslexia and assist with structuring, refining and editing written communication. The ideas, experiences, perspective and final editorial decisions are entirely the author’s own.