Markit, a global provider of financial information services, has agreed to acquire Prism Valuation, a leading provider of independent valuation and risk analysis of derivatives and structured products according to a statement issued by the company today.
The acquisition will complement Markit’s leading portfolio valuations service and enable the company to offer its clients enhanced coverage of complex OTC derivatives and structured OTC products. It will also expand Markit’s client base among regional banks and structured product issuers.
Prism Valuation complements our industry leading, independent valuation services.
Commenting on the acquisition, Adam Kansler, co-head of information at Markit, said: “We’re very excited to welcome Prism Valuation’s extensive expertise with complex OTC products, giving us exceptional valuation capabilities across the full spectrum of asset classes. Prism Valuation complements our industry leading, independent valuation services, helping customers comply with regulatory, auditor and investor demands for independent valuations, transparency and risk analysis.”
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With customers including banks, hedge funds, asset managers, central banks, regulators and fund administrators, Markit, which was founded in 2003, provides products that enhance transparency, reduce risk and improve operational efficiency.
Prism Valuation’s clients include regional banks, custodians, asset managers and issuers of structured notes.
Keldon Drudge, founder and CEO of Prism Valuation, also commented: “Markit’s scale and global reach will allow us to better support our customers and will also accelerate innovation and further development of our platform. Our shared focus on providing independent, high quality valuations will help firms comply with evolving regulatory requirements and satisfy investors’ risk management demands.”
Markit has been an active participant in the acquisition space over the past few months having recently boosted its multi-asset capabilities in May this year after acquiring an interest in commodity markets research and price reporting agency PRIMA.
Its latest acquisition is expected to close in the coming weeks whereby Prism Valuation will be integrated with Markit Portfolio Valuations in the Valuation and Trading Services segment of Markit’s Information division.