The global wealth management industry is expected to spend almost $35bn on IT by 2016, as firms increasingly use smartphones and tablet technology as a tool for improving distribution and customer service.

Research by Ovum, the analysis firm, shows that between 2011 and 2016, IT spending in the UK and Ireland will grow at 7.3% a year. The growth is expected to be even more marked in Eastern Europe where growth of 17.7% is predicted.