In asset management, which factor does NOT typically influence competitive advantage?

Geographic location does not typically influence competitive advantage in asset management as significantly as the other factors. In today's digital and globalized environment, asset managers can operate and service clients remotely, rendering geographic location much less relevant than it once was. Clients often choose asset management firms based on expertise, performance, technology, and the quality of client service, rather than the physical location of the firm.

In contrast, technological capabilities are crucial as they enable firms to leverage analytics, improve efficiencies, and enhance client experiences. Client service innovation is also vital, as providing tailored solutions and effective communication can differentiate a firm in a crowded marketplace. Size of the institution can contribute to competitive advantage through economies of scale or brand recognition, but it does not guarantee superior service or performance. Thus, geographic location is less impactful in today's asset management landscape.