A recent survey shows that asset management firms have no intention of cutting their technology spending. The 2012 Money Management Executive Technology Survey covered three tiers of firms: those with $5 billion or less under management; those with between $5 billion and $100 billion; and those with over $100 billion.
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Of the $5 billion firms, 38% definitively declared they would not cut spending on technology. Thirty-two percent of firms with over $100 billion under management also said they would not cut spending.
The middle tier firms were less definitive, with only 20% saying they would not cut spending on technology.
The goal for all firms is to make their operations as paperless as possible. It’s a push toward environmental conservation as well as a move to cut operational costs overall. Forty-nine percent of firms with $5 billion or less said they will buy iPads for the first time and 25% are buying smart phones for the first time.