Broadridge Financial Solutions has acquired investment accounting solutions provider QED financial systems, in order to improve its accounting and data management offering.
QED provides software-based solutions for 40 institutional investors and asset managers, totalling more than $1.5 trillion in assets under management.
According to Broadridge, the acquisition brings complementary services to those that is already provides.
Michael Liberatore, president of the Broadridge mutual fund and retirement solutions division, said: “Incorporating this expertise aligns with our strategy to provide best-of-breed solutions for the asset management space.”
Christopher John, head of revenue and expense management solutions at Broadridge, added: “Investment accounting is a critically important core function for asset management firms, and the combined Broadridge and QED capabilities will provide a new level of efficiency and value for our clients and the industry.”
QED founder Joe Potesta said: “We’re excited to be joining Broadridge, where we’ll have access to greater resources, deep expertise in hosting and managed services and extensive distribution capabilities. We look forward to delivering an enhanced suite of services for the asset management industry.”
The terms of the transaction have not been disclosed.
