Technology provider Broadridge Financial Solutions has acquired a fee management specialist to expand its offering to the buy-side.
The acquisition of Bonaire Software Solutions adds fee calculation, billing and revenue and expense management software Broadridge’s existing range of services.
It said fee calculation engines will be critical for its clients to help comply with regulatory obligations.
Michael Liberatore, COO of mutual fund solutions at Broadridge, said: “Regional and Independent Broker Dealers with high net worth wealth management businesses can leverage Bonaire’s solutions to calculate management fees and sub-advisory fees with greater efficiency and accuracy.”
Bonaire’s CEO, Christopher John, added: “We enjoy complimentary market and client linkages, with aligned products that build off each other’s strengths.”
Broadridge says the deal is the latest step in its strategy to build a suite of data-driven products for asset managers. Bonaire will strengthen its footprint among institutional asset managers and expand its operations in Europe.
Increased regulatory scrutiny of fees is on the rise, according to Broadridge, and Bonaire’s services will help clients to ensure they are able to comply.
“Regulations are evolving and there is a heightened level of risk for firms that are using manual processes or combining point solutions from multiple vendors to process today’s complex fee arrangements,” explains Liberatore. “Bonaire offers a highly automated workflow process which supports rigorous audits inquires.”
Broadridge said it is continuing to examine acquisition opportunities that complement its existing offerings and will accelerate Bonaire’s development of software as a service solutions.
The deal is expected to close in July.