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TOWER: TRADING IT SPENDING UP
The global securities industry will invest $71.5 billion in IT in 2004, an increase of 1.4 percent over 2003, but far below the $86.2 billion spent in 2000, according to market researcher TowerGroup. The highest percentage growth is expected in the asset management area, but broker-dealers will spend nearly $50 billion on institutional technology maintenance and development in 2004, up slightly from 2003. Tower predicts 58 percent of IT budgets will be allocated to
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