If you’re interested in a career in hospitality, one role that may appeal to you is that of an asset manager. To help you discover more about exactly what is an asset manager, we share everything you need to know about the job in this guide.

Introduction

Responsible for managing, maintaining, and increasing the value of assets, asset managers support clients by reviewing the state of the market. They may implement asset management strategies to increase asset value and monitor assets to improve return on investment.

Understanding asset management

It was back in the 1700s when the asset management profession first started to develop.  Today, there are approximately 4,800 asset management firms operating in Europe, and many organizations hire asset managers.

Defined as the management of an organization’s finances and investments, asset management in hospitality means an asset manager performs to increase the value of assets such as hotels, real estate, and more.

In addition to increasing profits, key objectives of asset management include meeting financial goals, optimizing asset opportunities, identifying and mitigating risks, and building client relationships.

What is asset management?

Asset management is a varied role that includes managing assets and increasing the value of an individual’s or organization’s assets.

Asset management in the hospitality industry: an overview

Within the hospitality industry, asset management for hotels, for example, is similar to managing assets within any sector. Hospitality asset managers are responsible for increasing a hotel or restaurant’s profitability. They may also be responsible for increasing the overall value of a property.

Core responsibilities of an asset manager

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When thinking about what is an asset manager, reviewing the core responsibilities can be helpful in deciding if this is the right career path for you.

As with many other hospitality careers and careers in business management, asset managers have a range of core responsibilities, including the following.

• Portfolio management: Asset managers oversee client portfolios. Within investment portfolio management, they conduct market and trend research to develop strategies that increase the value of assets.
• Investment research and analysis: Asset managers are responsible for researching potential investment opportunities and analyzing market trends that could impact the performance of assets. If a career as an asset manager is for you, this could see you responsible for identifying opportunities in real estate investment.
• Risk management: Market trends, global pandemics, and internal or external influences may all constitute risks that can affect assets and investments. Asset managers are responsible for identifying and preparing strategies to navigate these potential risks.
• Asset allocation: Backed by trend forecasting and industry research, asset managers advise clients on how they can allocate assets.
• Performance monitoring and reporting: Asset managers are responsible for monitoring performance. They can review strategies and make changes to existing plans to enhance asset performance and determine areas for improvement.
• Client relationship management: Listening to client needs, ensuring that requirements are met, and maintaining communication with clients are all vital to successful relationship management.

Asset managers are indispensable in ensuring the future success of hospitality assets by implementing strategies to mitigate risks, offering advice on asset allocation and performance monitoring, and managing client relationships.

Their knowledge and experience allows them to anticipate market trends and be proactive with any opportunities that could impact the performance of assets and maximise investment.

If a career in hospitality asset management appeals to you, now is the time to take the next step in claiming a place in this exciting field.

The role of an asset manager in hospitality

During a career in asset management in hospitality, an asset manager will be responsible for many of the core responsibilities noted above.

These duties enable asset managers to maximize a hospitality business’s investment strategy, increase income from assets, and improve the total value of assets, such as a hotel, when the time comes for the owner or investor to sell the property or their share in the property.

Types of asset managers

Asset managers can fall into different categories.

• Institutional asset managers: Institutional asset managers typically work with organizations and investors that own assets within insurance corporations, pension groups, and banks.
• Retail or individual asset managers: Unlike institutional asset managers, retail or individual asset managers work with individual investors or clients within the retail industry.
• Private wealth managers: Private wealth managers work with affluent clients to manage their personal assets, such as properties.
• Hedge fund managers: Hedge fund managers are responsible for overseeing assets and making strategic decisions for investors of hedge funds. A financial asset could include stocks, bonds, commodities, and foreign currencies.
• Real estate asset managers: Within the hospitality industry, real estate investment asset managers work with hotel owners or investors to maximize profit and the overall value of a property. They can also fulfill hotel management roles such as marketing and ensure any work necessary is carried out on a property to increase its value.
• Other specialized asset managers: Depending on your career path, you could also manage assets such as stocks, commodities, index funds, bonds, and digital assets.

Qualifications and skills of an asset manager

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Asset managers working with a hospitality business require many skills taught in hotel management school and learned through practical experience via hotel management internships.

From an educational perspective, asset managers usually have a degree in business management, international business management, or finance.

These subjects offer a comprehensive insight into the fundamentals of business management, business strategies, and financial decisions.

In addition to completing these qualifications, asset managers must display a range of skills, including:

• Communication
• Decision-making
• Project management
• Problem-solving
• Data analysis
• Negotiation
• Time-management

They are also responsible for:

• Keeping up to date with trends in hospitality asset management service
• Identifying changes that inform business decisions and impact the performance of assets
• Maintaining confidentiality and duty of care to clients

Pursuing a career in asset management in hospitality

Pursuing a career in asset management in the hospitality industry offers many opportunities. For example, you could work as a hotel asset manager, a property manager, an asset management analyst, or an asset manager vice president for a chain of international hotels.

Regardless of the career that appeals to you, completing a bachelor’s degree in a related subject, such as our bachelor of international business, will support you in developing essential asset management skills.

Upon completing a Bachelor’s degree, studying for a Master’s degree in a related subject is also beneficial. For example, if you aspire to work in real estate, studying for a Master’s in real estate finance may advance your career.

Education and training in asset management for the hospitality industry

Completing hospitality degrees at a reputable hospitality school like ours means you can learn from leading industry experts while following an asset management curriculum that enables you to study hospitality fundamentals, hospitality management, and integrative business strategies.

Education and training in asset management can also help you decide on specializing in a field that interests you, complete practical internships with global organizations, network with others within the industry, and start your career as soon as you complete your program.

What skills are required to become a successful asset manager in hospitality?

Hospitality asset manager responsibilities often require a mix of organization, communication, and analytical skills.

Are there specific education programs for asset management in the hospitality industry?

Most education programs for asset management include both Bachelor’s and Master’s programs in business management, international hospitality business, real estate, hotel development, and finance.

What are the career prospects for asset managers in hospitality?

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Career prospects for asset managers within hospitality are buoyant. Upon completing education programs, you can secure an entry-level role at an asset management company.

You may even wish to complete hospitality industry internships to broaden your prospects. With experience, you can advance to more senior positions, such as vice president, which increases the salary range for asset managers in hospitality.

How can I start a career in asset management in the hospitality industry?

If you’re ready to start your career in asset management, applying for asset management education in hospitality will give you a solid platform for success.

Can a high school graduate pursue asset management in hospitality?

A high school graduate can pursue asset management in hospitality upon completing a relevant higher education program and work experience.

Conclusion

Playing a crucial role in the successful performance of assets within the hospitality industry, asset managers are the first port of call for individuals and organizations hoping to identify opportunities and increase asset value.

If you’re ready to start your career as an asset manager, studying with Glion will give you skills vital for success.

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