Investment technology provider Backstop Solutions Group has acquired alternative investment data and indices provider BarclayHedge. Financial terms of the deal were not divulged.
BarclayHedge tends to 2,200 alternative investment managers as well as 6,900 funds.
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As part of the deal, BarclayHedge founder and president Sol Waksman will assume the role of president of the new Backstop BarclayHedge unit.
“There are many synergies to be unlocked in our respective lines of business, and I look forward to unlocking them. We collect over 300 data points per fund manager, providing institutional asset owners with a rich set of information they can rely upon to select the right managers for their portfolios. We can now make those data points available to a new universe of asset owners, as well as provide our fund managers with a more seamless reporting process through better integrated tools,” Waksman stated.
The deal is said to be mutually beneficial, enabling Backstop’s institutional clients to optimise their research management and due diligence workflows.
On the other hand, alternative asset managers reporting to BarclayHedge will have their exposure to asset owners triple through the acquisition, Backstop said.
Backstop chairman and CEO Clint Coghill said: This acquisition supports our vision by removing friction for asset owners conducting research on alternative managers and for alternative asset managers hoping to get their data in front of those asset owners.
“With BarclayHedge’s premium reputation and meticulous collection of fund, performance, and investment data, we’ll be able to maximise our clients’ research capabilities. Our recent round of financing was undertaken to fuel growth and execute faster against our strategy, and this acquisition helps us do exactly that.”
