New York
22 May 2015
Reporter: Stephen Durham

Broadridge announces acquisition


Broadridge Financial Solutions has signed an agreement with Thomson Reuters to acquire the Fiduciary Services and Competitive Intelligence unit from Thomson Reuters Lipper. Terms of the agreement were not disclosed.

The agreement with Thomson Reuters also includes a long term content and brand licensing services agreement in which Thomson Reuters Lipper will provide Broadridge with data on investment product classifications, pricing, performance, benchmarking, product asset positions, and product flows, ensuring continuity of underlying content and methodology.

The acquisition will expand Broadridge's leading enterprise data and analytics solutions for mutual fund manufacturers, exchange-traded funds issuers, and fund administrators, adding new global data and research capabilities.

Thomson Reuters Fiduciary Services and Competitive Intelligence business provides global market intelligence for fund industry flows by country and distribution channel.

It is also the leading provider of 15(c) advisory contract renewal services for validating and benchmarking fee and expense agreements to more than 250 mutual fund families, including three-quarters of the world's largest mutual fund organisations.

"This acquisition will reinforce Broadridge's position as one of the leading providers of data solutions and market intelligence for the mutual fund sector, and expand our footprint globally," said Richard Daly, president and CEO of Broadridge.

"It is aligned with our long term strategy to grow Broadridge's enterprise data and analytics capabilities. As regulatory pressures increase and new digital opportunities emerge, these solutions will help our clients mitigate risks, meet their fiduciary responsibilities and enhance sales productivity."

Broadridge will integrate the acquired capabilities within its mutual fund and retirement business, expanding its existing Access Data suite of market intelligence solutions.

These include compliance and reporting tools that cover 90 percent of all US long-term mutual fund assets and 95 percent of all exchange-traded fund assets.

Gerard Scavelli, president of Broadridge's Mutual Funds and Retirement Solutions business division, commented: "With the addition of these fiduciary services and competitive intelligence capabilities, we will expand our reach and innovative solutions for the mutual fund industry globally.”

“These new capabilities will help our clients meet the growing demand for compliance oversight, fee benchmarking and analysis and global market intelligence, including access to fund flow, expense data and fund profile information on more than 80,000 portfolios worldwide."

The acquisition is expected to close during Q4 Broadridge's fiscal year and is subject to customary closing conditions, including the termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Smartkarma opens European hub in London
25 September | London | Reporter: Theo Andrew
According to Smartkarma, the move means European analysts can now register with the platform to join the data platform, offering a network approach to insights and publishing tools
First RFQ inflation swap transactions executed on Tradeweb platform
25 September 2017 | London | Reporter: Stephanie Palmer
Tradeweb has completed the first cleared inflation swap transactions using request-for-quote protocol, on its European Interest Rate Swap platform
SmartStream partners with Deutsche Börse Reporting Hub
25 September 2017 | Frankfurt | Reporter: Theo Andrew
Deutsche Börse Group has enlisted The SmartStream Reference Data Utility (RDU), for its new Regulatory Reporting Hub
US Volcker Rule not fit for purpose, says SIFMA
22 September 2017 | New York | Reporter: Drew Nicol
The US Volcker Rule is too broad, excessively complex, and uniquely prescriptive, according to the Securities Industry and Financial Markets Association
Pension fund mandate for BNP Paribas
21 September 2017 | London | Reporter: Jenna Lomax
The West Sussex Pension Fund is the fifth appointment BNP Paribas has secured under the Local Government Pension Schemes (LGPS) National Framework Agreement
IHS Markit names new COO for thinkFolio
21 September 2017 | London | Reporter: Jenna Lomax
Cunningham will lead thinkFolio’s product management, services, support and managed service offering
AcadiaSoft expands user base for IM compliance
21 September 2017 | Massachusetts | Reporter: Drew Nicol
The second phase of the IM rules went live on 1 September under the regulatory framework of BCBS and IOSCO
More news