Stock market operator NZX has agreed to sell its fund research business FundSource to Australia’s Zenith Investment Partners for an undisclosed amount.
The deal forms part of the stock market operator’s strategy to divest non-core assets and shift focus toward its core markets business.
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NZX fund research business:
Investment research house FundSource has been supplying analysis to financial advisers and fund managers since 1987.
It tracks nearly 700 funds including unit trusts, KiwiSaver schemes, personal schemes and insurance bonds.
Zenith, which provides research to more than 140 Australian financial advice practices, said that it will expand the suite of services available to users through FundSource.
It will maintain the FundSource brand even after the completion of the deal.
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By GlobalDataZenith co-founder and director David Smythe said: “Zenith is committed to growing the NZ market for funds research and sees a great opportunity to bring together the synergies of a strong brand in the NZ market with the size and scale of our Australian operation from a research and analytical perspective.”
The acquisition is expected to be completed by the end of this month.
NZX is New Zealand’s stock exchange. It provides trading, clearing, settlement, depository and data services.
