Funds platform Allfunds has purchased the fund research business of Swiss firm fundinfo.

Financial terms of the deal were not disclosed.

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Allfunds CEO Juan Alcaraz said: “By acquiring a well-established research team, we will be able to expand our customised fund selection services.

“We have been working successfully with fundinfo in the procurement and processing of fund documents for some time now, and highly value this strategically important cooperation.

“Using fundinfo not just as a source of fund documents but also for a wide set of fund data is the next logical step.”

With the acquisition, Allfunds aims to bolster its data management capabilities.

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As part of the deal, fundinfo team will join the Zurich hub of Allfunds.

fundinfo co-founder Philipp Portmann said: “We firmly believe that in Allfunds we have found an excellent solution for our fund research clients and our analyst team, and as we continue to grow in the fund information sector globally, with a strong focus on data, this transaction is a move that makes strategic sense.”

fundinfo has presence in Zurich that serves as its headquarters as well as Berlin, Frankfurt, Hong Kong, London, Madrid, Milan, Paris and Singapore.

The business was established in 2005 and combined with investment data provider FE in 2018.

The latest deal comes shortly after the merger of Allfunds and Credit Suisse’s B2B investment fund platform Credit Suisse InvestLab.

The consolidation resulted in the creation of a €500bn wealth technology platform.

Earlier this year, Allfunds announced the purchase of electronic mutual fund service Nordic Fund Market.