In a year, the world’s largest asset managers have almost doubled the amount they spend on digital transformation.

Companies that collectively manage more than £18tn in assets committed an average of £17m to digitisation over the past 12 months, up from £9m in 2018. Seventeen per cent of those companies are spending £50m or more on updating their technology. This is a significant increase from the 6% of managers that were in that top bracket last year.