Updated Saturday, November 1, 2014 as of 12:50 AM ET

Even Mutual Funds Are Using Social Media

Asset managers are largely using social media to promote their brands, according to the latest research from Cerulli Associates.

"More firms are using social media, with 47% of managers surveyed citing social media as a key element," explains Pamela DeBolt, senior analyst at Cerulli. "LinkedIn and Twitter were ranked as having the most potential, with LinkedIn rated as the most-used social media outlet among managers."

"We found that 79% of asset managers who are using social media see the importance of boosting brand recognition," DeBolt continues. "Promoting brand, enriching communication, and promoting a firm's capabilities are among the top reasons managers are motivated to use social media."

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