Broadridge Financial Solutions has agreed to acquire FundsLibrary, a leader in fund document and data dissemination in the European market, from its parent company Hargreaves Lansdown. The deal is expected to close in mid- to late-February 2020.
By integrating FundsLibrary’s capabilities, Broadridge expects to significantly reduce complexity and cost for global fund managers, helping them to increase distribution opportunities and meet their regulatory requirements across multiple jurisdictions.
FundsLibrary’s services link fund managers to distributors and investors in order to support fund sales and help fund managers increase distribution opportunities and comply with both UK domestic and EU regulations such as Solvency II and MiFID II.
Samir Pandiri, President at Broadridge International, said: “Today, global fund managers face a real challenge in creating and disseminating compliant marketing and regulatory documents that meet domestic and cross-border requirements throughout the EU and UK. The acquisition is a natural extension of Broadridge’s regulatory communications business and the next step in creating a leading pan-European digital data platform, supporting the lifecycle of fund data, documents, and regulatory reporting for the investment industry.”
Arun Sarwal, CEO of FundsLibrary, commented: “FundsLibrary has had an enviable track record within the investment industry for its breadth, quality and timeliness of fund data solutions. We are excited to be joining forces with Broadridge to enable us to serve our clients across a larger part of their global value chain and to extend our services across multiple geographies.”
In November 2019, Broadridge announced the acquisition of ClearStructure Financial Technology, a global provider of portfolio management solutions for the private debt markets to create a differentiated solution in the market and enable Broadridge to serve new clients. ClearStructure’s private debt capabilities are expected to help Broadridge serve its wide array of clients, including hedge funds, traditional asset managers and fund administrators with a complete front-to-back, multi-asset class solution that simplifies and improves firm trading and operations. Broadridge’s SaaS powers more than 550 market participants who search for alpha and differentiation.
In May 2019, Broadridge acquired Rockall, a market-leading provider of securities-based lending (SBL) and collateral management solutions for wealth management firms and commercial banks, but terms of the transaction were not disclosed.
Also last year, Paris-based asset Management Company SILEX Investment Managers has chosen Broadridge Financial Solution’s integrated order management, portfolio management and risk management technology platform in order to meet its pre- and post trade compliance requirements while providing seamless connectivity to brokers and execution platforms.