Broadridge Financial Solutions has agreed to take over Morningstar’s 15(c) board consulting services business for an undisclosed sum.
The acquired entity offers mutual fund boards and executive teams materials to comply with 15(c) fiduciary norms and approve the fee agreements with their investment advisers.
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The deal, expected to be wrapped up in January 2018, aims to make Broadridge the most complete source of independent data for mutual fund boards. The acquisition will enable Broadridge’s fund board clients to benchmark funds using Morningstar and Lipper data through an independent source.
Broadridge head of buy-side data and analytics Dan Cwenar said: “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.
“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 head of data and research products Scott Burns added: “With this transaction, Broadridge’s 15(c) consultants and client base can now utilise Morningstar’s industry-standard data and calculations to help fund boards fulfill their fiduciary responsibilities to shareholders.”
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