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office workers in a bulding Overall, expenses have outpaced or matched revenue growth during the past four to five years. (Photo: Bloomberg)

(Bloomberg) — Asset managers can add rising regulatory and technology costs to their list of woes as they struggle to expand revenue amid pressure to lower fees and expenses.

Non-compensation costs, which also include back office processing and office space, make up nearly one-third of total expenses at such firms, up from 26% in 2014, according to an industry study released Tuesday by Deloitte Consulting’s Casey Quirk and Aon Plc’s McLagan.

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