U.S.-based fintech Broadridge Financial Solutions announced on Tuesday it is set to acquire FundsLibrary, a company focused on fund document and data dissemination in the European market, from its parent company Hargreaves Lansdown. Broadridge reported that by combining FundsLibrary’s capabilities with its existing regulatory communications offerings will enable it 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 to provide complete, accurate and timely information supporting fund sales. The solution helps fund managers increase distribution opportunities and comply with both UK domestic and EU regulations such as Solvency II and MiFID II, and makes information easily accessible for investors in digital format. Integrating FundsLibrary’s data platform and technology with Broadridge’s existing fund calculation, translation and document creation capabilities creates an end-to-end solution for fund managers and distributors.”
Speaking about the acquisition, Samir Pandiri, President of Broadridge, stated:
“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, went on to conclude:
“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.”