Acquisition to help asset managers meet UK and EU regulatory requirements
NEW YORK and LONDON, March 2, 2020 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index, has completed its previously announced acquisition of FundsLibrary, a leader in fund document and data dissemination in the European market. The acquisition accelerates Broadridge's pan-European regulatory communications and digital data platform, supporting the lifecycle of fund data, documents, and regulatory reporting for the investment industry.
FundsLibrary's solutions enable fund managers to increase distribution opportunities and help them comply with regulations such as Solvency II and MiFID II. The business will be combined with FundAssist, Broadridge's existing European funds regulatory communications business. 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, and will be led by Arun Sarwal, former CEO of FundsLibrary. 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.
"I am delighted to lead this exciting fund data and regulatory communications business for Broadridge as we expand and grow our footprint in international markets," says Sarwal. "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."
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. It is recognized for the breadth of its regulatory solutions, encompassing production and distribution of reports, including Key Information Documents (UCITs KIID & PRIIP KID), MiFiD II and Solvency II, for clients globally in over 35 languages.
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader, is a leading provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers. Broadridge's infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than U.S. $7 trillion in fixed income and equity securities trades per day. Broadridge is part of the S&P 500® Index and employs over 11,000 associates in 18 countries. For more information about Broadridge, please visit www.broadridge.com.
W. Edings Thibault
Head of Investor Relations
Broadridge Financial Solutions, Inc.
+44 (0) 20 7426 9400
SOURCE Broadridge Financial Solutions, Inc.