The investment management business in 2009 will be dominated by the ramifications of the events of 2008. The dual activities of investing and trade execution will be different in 2009, as will the firms that offer these services. The unprecedented restructuring of Wall Street that took place in 2008 will have a major impact on the investment management business in 2009, affecting the traditional reliance of buy-side firms on the sell side for trade execution, research, and securities lending. In this report, TowerGroup has compiled a list of the top 10 business drivers and the resulting major strategic responses and technology initiatives.