Broadridge Financial Solutions has agreed to buy FundsLibrary, which specialises in fund document and data dissemination.

The seller is Hargreaves Lansdown. The transaction value was not divulged.

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FundsLibrary’s technology is said to provide complete data facilitating fund sales by connecting fund managers to distributors and investors.

The firm compiles data for nearly 40,000 investment products.

Broadridge intends to combine FundsLibrary’s expertise with its own fund calculation, translation and document creation abilities.

The aim is to grow distribution opportunities for fund managers and enable them to adhere to regulatory standards including MiFID II and Solvency II.

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The deal is expected to wrap up next month.

Broadridge International president Samir Pandiri said: “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.

“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.”

The latest deal continues Broadridge’s recent consolidation activities.

The firm recently purchased Fi360 – a fiduciary software provider for financial advisers and intermediaries – and ClearStructure Financial Technology – a provider of portfolio management solutions for private debt markets.

Broadridge also snapped up Financial Database Services, Northern Trust’s blockchain-based private equity asset servicing platform, RPM Technologies, Rockall, as well as certain technology solutions from PivotData, and its partner Sol Hedge.