Annual technology spending by the buy-side continues to grow in the mid-single digits on a huge base, providing an attractive market opportunity to technology vendors. So why has private equity, venture capital and M&A activity in the buy-side FinTech sector been essentially NON-EXISTENT during the past three years? We take a look at some of the trends and activity levels to get a sense of whether we are in a short-term investment lull or addressing a more fundamental structural phenomenon.