NEW YORK and LONDON, Jan. 21,
2020 /PRNewswire/ -- Broadridge Financial Solutions, Inc.
(NYSE: BR) and FundsLibrary Limited announce that Broadridge has
entered into an agreement to acquire FundsLibrary, a leader in fund
document and data dissemination in the European market, from its
parent company Hargreaves Lansdown. Combining FundsLibrary's
capabilities with Broadridge's existing regulatory communications
offerings will enable Broadridge to significantly reduce complexity
and cost for global fund managers, helping them to increase
distribution opportunities and meet their regulatory requirements
across multiple jurisdictions.
FundsLibrary's services link fund managers to distributors and
investors to provide complete, accurate and timely information
supporting fund sales. The solution helps fund managers increase
distribution opportunities and comply with both UK domestic and EU
regulations such as Solvency II and MiFID II, and makes information
easily accessible for investors in digital format. Integrating
FundsLibrary's data platform and technology with Broadridge's
existing fund calculation, translation and document creation
capabilities creates an end-to-end solution for fund managers and
distributors. This comes at a time where there is growing demand
for transparency, operational efficiency and compliant
communications in an increasingly competitive and highly regulated
environment.
"Today, global fund managers face a real challenge in creating
and disseminating compliant marketing and regulatory documents that
meet domestic and cross-border requirements throughout the EU and
UK," said Samir Pandiri, president,
Broadridge International. "The acquisition is a natural extension
of Broadridge's regulatory communications business and the next
step in creating a leading pan-European digital data platform,
supporting the lifecycle of fund data, documents, and regulatory
reporting for the investment industry."
"FundsLibrary has had an enviable track record within the
investment industry for its breadth, quality and timeliness of fund
data solutions," said Arun Sarwal,
CEO of FundsLibrary. "We are excited to be joining forces with
Broadridge to enable us to serve our clients across a larger part
of their global value chain and to extend our services across
multiple geographies."
The acquisition is subject to the satisfaction of customary
closing conditions and is expected to close in mid- to
late-February. Grant Thornton UK LLP acted as lead financial
advisor to Hargreaves Lansdown plc. Terms of the transaction were
not disclosed.
Forward-Looking Statements
This press release may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements that
are not historical in nature and which may be identified by the use
of words such as "expects," "assumes," "projects," "anticipates,"
"estimates," "we believe," "could be" and other words of similar
meaning, are forward-looking statements. These statements are based
on Broadridge management's expectations and assumptions and are
subject to risks and uncertainties that may cause actual results to
differ materially from those expressed. Factors that could cause
actual results to differ materially from those contemplated by the
forward-looking statements include:
- the success of Broadridge in retaining and selling additional
services to its existing clients and in obtaining new clients;
- Broadridge's reliance on a relatively small number of clients,
the continued financial health of those clients, and the continued
use by such clients of Broadridge's services with favorable pricing
terms;
- material security breach or cybersecurity attack affecting the
information of Broadridge's clients;
- changes in laws and regulations affecting Broadridge's clients
or the services provided by Broadridge;
- declines in participation and activity in the securities
markets;
- the failure of Broadridge's key service providers to provide
the anticipated levels of service;
- a disaster or other significant slowdown or failure of
Broadridge's systems or error in the performance of Broadridge's
services;
- overall market and economic conditions and their impact on the
securities markets;
- Broadridge's failure to keep pace with changes in technology
and the demands of its clients;
- the ability to attract and retain key personnel;
- the impact of new acquisitions and divestitures; and
- competitive conditions.
There may be other factors that may cause Broadridge actual
results to differ materially from the forward-looking statements.
Broadridge's actual results, performance or achievements could
differ materially from those expressed in, or implied by, the
forward-looking statements. Broadridge can give no assurances that
any of the events anticipated by the forward-looking statements
will occur or, if any of them do, what impact they will have on our
results of operations and financial condition. You should carefully
read the factors described in the "Risk Factors" section of
Broadridge's Annual Report on Form 10-K for the fiscal year ended
June 30, 2019 for a description of
certain risks that could, among other things, cause Broadridge's
actual results to differ from these forward-looking statements.
All forward-looking statements speak only as of the date of this
press release and are expressly qualified in their entirety by the
cautionary statements included in this press release. Broadridge
disclaims any obligation to update or revise forward-looking
statements that may be made to reflect events or circumstances that
arise after the date made or to reflect the occurrence of
unanticipated events, other than as required by law.
About Broadridge
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.
About FundsLibrary
FundsLibrary is a leading
digital platform supporting the life cycle of fund data, documents
and regulatory reporting for the Asset Management industry. The
company manages data for around 40,000 investment products, sourced
from some 700 global fund groups and supports over 180 million
requests each year.
Recognised for the breadth and depth of their fund data and
document distribution, they have been delivering a wide range of
fund data, digital and regulatory solutions for over 15 years,
providing digital solutions to 10 of the top 20 UK investment
platforms and supporting the regulatory services of 15 of
Europe's largest fund
managers.
Media Contacts:
Broadridge:
North America:
Matthew Luongo
Prosek Partners
+1 646-396-0966
mluongo@prosek.com
Europe:
Charlie Morrow
Cognito
+44 (0) 20 7426 9400
charlie.morrow@cognitomedia.com
FundsLibrary:
Caroline Abrahams
+44 (0)117 313 4637
caroline.abrahams@fundslibrary.com
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SOURCE Broadridge Financial Solutions, Inc.