Broadridge Financial Solutions, a FinTech firm that focuses predominantly on securities processing and clearing, announced today that it acquired FundAssist Limited. FundAssist provides regulatory, marketing and sales solutions to the investments industry.
Patricia Rosch, head of Broadridge’s international investor communication solutions business, stated: “FundAssist’s broad and tightly related product offerings are well-positioned to continue to grow in a fragmented market, where asset managers are increasingly migrating from legacy in-house or third party systems and consolidating disparate point solutions with a single vendor.”
Broadridge made the acquisition to extend the governance and communications side of its business. The company noted that its purchase of FundAssist would enable it to compose, manage and distribute digitized regulatory and disclosure documents for fund managers distributing in Europe.
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FundAssist will be able to provide these services as it has already developed a set of technologies for fund management communications. The Dublin-based FinTech firm provides solutions for Key Information Documents (KIDs). EU law requires that all packaged retail and insurance-based investment products (PRIIPs) are accompanied with a KID.
Alongside its regulatory reporting capabilities, FundAssist’s technology enables fund managers to make financial disclosure statements and fact sheets. It also provides translation and document and data dissemination services.
Jim O’Reilly, FundAssist’s Managing Director, claimed that “becoming part of Broadridge will enable FundAssist to accelerate its market reach and enhance its client service experience by tapping into Broadridge’s scale and relationships.”
He added that the firm was looking forward to aiding investment funds with their compliance frameworks and that FundAssist saw itself as a part of Broadridge’s global expansion strategy.