Broadridge completes acquisition of fund data firm

The acquisition, which was announced last month and is for an undisclosed sum, strengthens Broadridge’s pan-European regulatory communications and digital data platform, supporting the lifecycle of fund data, documents, and regulatory reporting for the investment industry

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Broadridge completes acquisition for fund data firm

Fintech incumbent Broadridge Financial Solutions has completed its acquisition of European market fund document and data dissemination firm FundsLibrary.

The acquisition, which was announced last month and is for an undisclosed sum, strengthens Broadridge’s pan-European regulatory communications and digital data platform, supporting the lifecycle of fund data, documents, and regulatory reporting for the investment industry.

FundsLibrary’s solutions enable fund managers to increase distribution opportunities and help them comply with regulations such as Solvency II and the second Markets in Financial Instruments Directive.

The business will be combined with FundAssist, Broadridge’s existing European funds regulatory communications business.

The combination of FundsLibrary’s data platform and technology with Broadridge’s existing fund calculation, document creation and translation capabilities, creates an end-to-end solution for fund managers and distributors, enabling them to respond to demanding regulatory requirements across multiple jurisdictions.

The combined business will be known as Broadridge Fund Communication Solutions and will be led by Arun Sarwal, former chief executive officer of FundsLibrary.

Sarwal has extensive financial services industry and technology business leadership experience. 

He previously held roles at SS&C Technologies, DST Investment Management Solutions, Scottish Widows Investment Partnership and ABN AMRO, and was one of the founders of Kurtosys Systems.

Sarwal said: “I am delighted to lead this exciting fund data and regulatory communications business for Broadridge as we expand and grow our footprint in international markets. This combined business will enable Broadridge clients to utilize a single provider for the creation and dissemination of fund marketing and regulatory documents so they can increase distribution opportunities and meet the demanding standards of regulation.”