Fifty percent of investment companies will need to upgrade their technology to be able to clear and settle trades within 24 hours, a capability referred to as T+1. KPMG of New York made this discovery in a survey of investment firms it conducted at the Investment Company Institute general meeting in Washington, D.C. last month.

Fifty percent said their technology and systems would need upgrades to become T+1 compliant. Forty percent said their back office would need improvements, 17 percent said their portfolio management would and 12 percent said their trading desks would.

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