Broadridge has successfully closed the deal to purchase FundLibrary, boosting its pan-European regulatory communications and digital data platform for asset managers.
FundsLibrary aims to help the buy-side comply with regulations such as MiFID II and Solvency II, by linking fund managers to distributors and investors to provide accurate and timely information supporting fund sales. Terms of the deal were not disclosed.
Following closure of the acquisition from Hargreaves Landsdown, FundsLibrary’s services will be integrated with Broadridge’s existing European funds regulatory communications business, FundAssist. The integrated service will operate under a new entity, known as Broadridge Fund Communication Solutions, headed up by FundsLibrary former CEO, Arun Sarwal.
“This combined business will enable Broadridge clients to utilize a single provider for the creation and dissemination of fund marketing and regulatory documents so they can increase distribution opportunities and meet the demanding standards of regulation,” said Sarwal.
Prior to this position, Sarwal held roles as senior vice president of SS&C Technologies, CEO of DST Investment Management Solutions, COO at Scottish Widows Investment Partnership, and senior vice president within ABN AMRO’s private clients & asset management business.
“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,” Samir Pandiri, president of Broadridge, said in January when the deal was confirmed.
“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.”