Some of the world’s largest asset managers are spending an average of £15m a year on projects to digitally transform their businesses — a tiny fraction of the huge sums their banking counterparts are devoting to similar projects.

According to Alpha FMC, which surveyed 15 of the largest global asset management firms collectively managing £7tn, fewer than 10% are spending in excess of £50m a year on digital projects. These include developing client-facing websites, providing more data to support sales teams, building client reports and promoting their brand via social media.