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.

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