Broadridge Acquires Thomson Reuters’ Fiduciary Services Business

Broadridge Financial Solutions, Inc. (NYSE: BR) has signed and entered into an agreement with Thomson Reuters (NYSE: TRI), acquiring its Fiduciary Services and Competitive Intelligence unit, according to a Broadridge statement.

The agreement between Broadridge and Thomson Reuters is also slated to include a long-term content and brand licensing services accord. More specifically, Thomson Reuters Lipper service will provide Broadridge with comprehensive data on investment product classifications, pricing, performance, benchmarking, and product asset positions, among other utilities.

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Furthermore, the acquisition will augment Broadridge’s enterprise data and analytics solutions for a vast array of mutual fund manufacturers, ETF issuers, and fund administrators.

Thomson Reuters Fiduciary Services and Competitive Intelligence business streamlines global market intelligence for fund industry flows by country and distribution channel. Broadridge will integrate the acquired capabilities from Thomson Reuters into existing Access Data suite of market intelligence solutions. Overall, these include compliance and reporting tools that cover approximately 90% of all U.S long-term mutual fund assets and 95% of all ETF assets.

According to Richard J. Daly, Broadridge’s president and chief executive officer in a recent statement on the acquisition, “This acquisition will reinforce Broadridge’s position as one of the leading providers of data solutions and market intelligence for the mutual fund sector, and expand our footprint globally.”

“It is aligned with our long-term strategy to grow Broadridge’s enterprise data and analytics capabilities. As regulatory pressures increase and new digital opportunities emerge, these solutions will help our clients mitigate risks, meet their fiduciary responsibilities and enhance sales productivity.”

“With the addition of these fiduciary services and competitive intelligence capabilities, we will expand our reach and innovative solutions for the mutual fund industry globally. These new capabilities will help our clients meet the growing demand for compliance oversight, fee benchmarking and analysis and global market intelligence, including access to fund flow, expense data and fund profile information on more than 80,000 portfolios worldwide,” noted Gerard F. Scavelli, president of Broadridge’s Mutual Funds and Retirement Solutions business in an accompanying statement.

“We remain firmly committed to delivering the same high level of service and quality that customers have come to expect from Thomson Reuters. The same team that currently delivers these solutions will transition to Broadridge and will continue in their roles so that service will continue uninterrupted,” he added.

“Thomson Reuters and Broadridge share a common objective of providing the highest quality information and reporting services for mutual fund companies worldwide. This sale will enable us to increase our focus on the core content business and further enable development and new capabilities for serving the asset management and wealth management markets,” reiterated Lars Asplund, a managing director at Thomson Reuters.

“We will continue to provide our highly respected fund data, analytics and research through desktop solutions such as Thomson Reuters Eikon, Thomson One, Lipper for Investment Management, LANA and feeds, as well as through licensed third-party platforms. We look forward to the ongoing relationship with Broadridge.”

Earlier this week, Broadridge appointed Liz Pedersen as its newest Senior Vice President (SVP) of Wealth Managed Services, along with Traci Mabrey as its Head of Wealth Solutions.