Broadridge completes FundsLibrary acquisition
Broadridge has completed its acquisition of FundsLibrary, a London-based fund document and regulatory reporting firm.
According to Broadridge the deal is part of its strategy to expand its pan-European regulatory compliance and digital data services.
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 (MiFID II).
The firm is now integrated with FundAssist, Broadridge’s existing European funds regulatory communications business.
The combined business will be known as Broadridge Fund Communication Solutions, and will be led by Arun Sarwal, former CEO of FundsLibrary.
Sarwal says of the acquisition: “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.”
Financial details of the takeover have not been disclosed by either party.
Broadridge is one of the industry’s most active consolidators and has conducted several mergers and acquisitions in the past few years.
It sealed no fewer than three deals in 2019, taking over Northern Trust’s private equity distributed ledger system, securities firm Rockall, and a portion of regulatory technology firms PivotData and Sol Hedge.