Broadridge Financial Solutions has agreed to buy FundsLibrary from Hargreaves Lansdown, the investment platform operator.
Although terms of the transaction have not been published, the companies have noted that the deal would bring together Broadridge's regulatory communications capabilities with FundsLibrary's fund document and data dissemination capabilities across Europe, to create a single offering to fund managers regarding distribution and regulatory requirements.
FundsLibrary compiles data for around 40,000 investment products, sourced from some 700 global fund groups and supports over 180 million requests each year.
"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," the companies said in a statement, adding: "This comes at a time where there is growing demand for transparency, operational efficiency and compliant communications in an increasingly competitive and highly regulated environment."
Samir Pandiri, president, Broadridge International, said: "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, said: "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."