LAKE SUCCESS, N.Y.,
Dec. 19, 2017 /PRNewswire/
-- Broadridge Financial Solutions, Inc. (NYSE:BR) has agreed
to acquire Morningstar, Inc.'s 15(c) board consulting services
business. The acquisition will strengthen Broadridge's ability to
be the most complete source for independent, verifiable data that
mutual fund boards of directors rely on to fulfill their governance
responsibilities.
"This acquisition will enhance and expand our solution set
providing fund boards the most comprehensive data, enabling
them to make more informed decisions with the highest standard of
reporting," said Dan Cwenar,
Broadridge's head of buy-side data and analytics. "The expanded
breadth and depth of our data-driven solutions will continue to
enhance the value we provide to our investment management clients
and set the standard for the financial services industry."
Morningstar's 15(c) board consulting services business provides
materials to the boards of directors and executive teams of mutual
funds, helping them meet their 15(c) fiduciary duties to review and
approve the fee agreements with each of their investment advisors.
This acquisition will enable Broadridge to provide its fund board
clients the ability to benchmark funds using both Morningstar and
Lipper data via an objective, independent source in order to better
assess their fund advisors and sub-advisors. As an objective data
provider in the financial industry, Broadridge has a unique ability
to provide critical data to fund boards as they face increased
regulatory pressure to outsource 15(c) services to independent
providers.
"The decision to sell our 15(c) business to Broadridge aligns
with the long-term strategies of both Morningstar and Broadridge,"
said Scott Burns, head of data and
research products at Morningstar. "Morningstar is sharpening its
focus on delivering its fund data and analytics to as many users as
possible. With this transaction, Broadridge's 15(c) consultants and
client base can now utilize Morningstar's industry-standard data
and calculations to help fund boards fulfill their fiduciary
responsibilities to shareholders."
Terms of the transaction, which is expected to close in
January 2018 and is subject to the
satisfaction of customary closing conditions, were not
disclosed.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE:BR), a $4 billion global fintech leader, provides
investor communications and technology-driven solutions to banks,
broker-dealers, mutual funds and corporate issuers globally.
Broadridge's investor communications, securities processing and
managed services solutions help clients reduce their capital
investments in operations infrastructure, allowing them to increase
their focus on core business activities. With over 50 years of
experience, Broadridge's infrastructure underpins proxy voting
services for over 90 percent of public companies and mutual funds
in North America, and processes
more than $5 trillion in fixed income
and equity trades per day. Broadridge employs over 10,000 full time
associates in 16 countries. For more information about Broadridge,
please visit www.broadridge.com.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent
investment research in North
America, Europe, Australia, and Asia. The company
offers an extensive line of products and services for individual
investors, financial advisors, asset managers, retirement plan
providers and sponsors, and institutional investors in the private
capital markets. Morningstar provides data and research
insights on a wide range of investment offerings, including managed
investment products, publicly listed companies, private capital
markets, and real-time global market
data. Morningstar also offers investment management
services through its investment advisory subsidiaries, with more
than $220 billion in assets under advisement and
management as of Sept. 30, 2017. The company has operations in
27 countries.
Contact information:
Investors:
W. Edings Thibault
Investor Relations
+1 516-472-5129
edings.thibault@broadridge.com
Media:
Linda
Namias
Broadridge Financial Solutions
+1
631-254-7711
linda.namias@broadridge.com
View original
content:http://www.prnewswire.com/news-releases/broadridge-strengthens-investment-management-data-solutions-through-acquisition-of-morningstars-15c-board-consulting-services-300573407.html
SOURCE Broadridge Financial Solutions, Inc.