Legacy tech is breaking the $2T fund market

I learned yesterday that the DST system that SS&C uses, you know when it was originally founded, that company? No. 1969. They probably had a mainframe. Exactly. So very, very legacy technology. And the problem that's happening now in the space as more of these evergreen funds are coming to market and growing in size is that the actual technology supporting the transactions in these funds is breaking. And so there's now an 8% error rate in the evergreen fund market, which means 8% of trades are failing and need a manual intervention to reconcile and figure out what happened with my trade, what went wrong with it. Obviously, that's not going to work as this market scales from $600 billion to $2 or $3 or $4 trillion of AUM.