Renewed growth in asset management will help lift the fund administration business this year, Confluence has predicted.

In a recent survey, the Pittsburgh fund administration automation company found 60% of fund administrators saying that replacing manual processes with technology was their most important back-office goal; nearly 72% worried that manual processes could prevent them from meeting reporting deadlines.

As fund companies turn to their service providers for help this year, competition among the service companies will intensify, Confluence said.

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