Fund companies' IT costs soaring

Fund management companies are increasing budgets for technology to reinvent and differentiate themselves, according to a report by London-based market research firm Datamonitor.Datamonitor, which expects front office technology spending to top $3.4 billion by 2012, says fund managers are making creative use of technology in the areas of outsourcing fund marketing functions and developing online portfolio distribution channels.Part of the reason for turning to technology is the downtur…