With IT budgets in the asset management industry beginning to stabilise, firms are turning their attentions to improving middle office processes, focusing particularly on client reporting, according to a survey from vendor Religare Technova.
The global survey of over 75 people in the industry shows that budgets have stopped falling and, in the US and Europe, have begun to edge up again, although in Hong Kong and Singapore there is "little IT money to spend".
The middle office is the area most likely to see serious changes as firms seek to streamline processes and address their "pain areas".
The top pain area identified in the the US, UK and Singapore is client reporting, with respondents seeking to increase automation, with multiple and more timely delivery methods faster production, and more transparency.
The economic crisis has inevitably led to greater focus on risk management while data management also a high priority, as firms bid for better integration, processing, cleansing and enrichment.
The demand for effective OTC derivatives processing technology is also starting to re-emerge claims Religare, as firms look to streamline processes ahead of expected increased volume.