A study by Patni Computer Systems showed that over 90 per cent of respondents do not have a single supplier of information.
The rest of those quizzed admitted they were unsure where the data they use comes from, the report found.
Patni suggested that contracting the work to third party suppliers could be a potential solution to the problems.
However, the study found that over half of asset managers have not considered this option due to security fears and worries over relinquishing control of the information sourcing process.
Philip Filleul, product manager for reference data solutions at Patni, said: “The twin pressures of achieving regulatory compliance and straight-through processing have highlighted substantial redundancy and duplication of effort in the area of reference data management.
“One in ten trades fail on first settlement attempt - and of these, 60 per cent -70 per cent can be attributed to poor data management. “
Research from the Tower Group, which was cited by the report, showed that nearly two thirds of failed trades did so due to inaccurate data.
By Jim Ottewill