Financial firms are spending big bucks on obtaining reference data to run their operations. But they are generally unhappy about the quality of the data they are ending up with. And most are clueless about how their companies manage the data used by the many applications they use.

Those are two of the key findings of a survey of 52 U.S. fund managers, broker-dealers and custodian banks conducted by Patni Computer Systems, a business process and IT outsourcing firm. A copy of the survey was obtained by Securities Industry News on Wednesday.

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