Buyside firms are ramping up their investment in fixed income trading technology and talent, as they seek better ways to access liquidity and keep up with market structure changes, a new study has found.

According to a new report by research firm Greenwich Associates, institutional investment firms spent around $6.7 billion on their fixed income trading desks in 2014, up 11% on the previous year. The bulk of this, 62%, went on pay for traders.