Broadridge announces completion of acquisition of FundsLibrary
The deal is set to accelerate Broadridge’s pan-European regulatory communications and digital data platform.
Fintech expert Broadridge Financial Solutions, Inc. (NYSE:BR) today announces that it has completed its acquisition of FundsLibrary, a provider of fund document and data dissemination services in the European market. The deal is set to accelerate Broadridge’s pan-European regulatory communications and digital data platform, supporting the lifecycle of fund data, documents, and regulatory reporting for the investment industry.
The business will be combined with Broadridge’s existing European funds regulatory communications business FundAssist. The combination of FundsLibrary’s data platform and technology with Broadridge’s existing fund calculation, document creation and translation capabilities, creates an end-to-end solution for fund managers and distributors, enabling them to respond to demanding regulatory requirements across multiple jurisdictions.
The combined business will be known as Broadridge Fund Communication Solutions. It will be led by Arun Sarwal, former CEO of FundsLibrary. Mr Sarwal has extensive financial services industry and technology business leadership experience. He previously held roles as Senior Vice President of SS&C Technologies, CEO of DST Investment Management Solutions, COO at Scottish Widows Investment Partnership (SWIP), SVP within ABN AMRO’s Private Clients & Asset Management business and was one of the founders of Kurtosys Systems.
FundsLibrary’s solutions enable fund managers to expand distribution opportunities and help them comply with regulations such as Solvency II and MiFID II.
Broadridge Fund Communication Solutions provides a comprehensive digital platform, supporting the lifecycle of fund data, documents and regulatory reporting for the global investment industry. The company manages and distributes data for some 700 global fund groups and supports over 200 million fund data requests each year.