London-headquartered global fund data and technology provider FE fundinfo has acquired FundConnect.
Founded in Copenhagen in 2000, FundConnect collects and distributes fund data across Europe; specialising in advanced data collection, data distribution, web solutions and fund document production – for marketing and regulatory purposes.
Financial details were not disclosed.
Together with the Danish Investment Association, FundConnect jointly owns FundCollect, which serves the country’s mutual fund industry; both Danish fund groups and international funds operating in Denmark.
FundConnect serves as a data collection and technical backbone for banks, insurers, asset managers, platforms and industry bodies.
It also supports a number of industry initiatives, such as the European Fund Classification (EFC) by the European Fund and Asset Management Association (Efama).
FE fundinfo has many shared clients which are supported domestically by FundConnect, and with FundConnect’s international operations in turn supported by FE fundinfo in Luxembourg.
Through the acquisition, the companies aim to offer a broader set of complementary services to their clients and partners who are increasingly operating cross border.
Complex regulatory landscape
Carsten Mahler, chief executive at FundConnect, said the firm is looking forward to playing “an active part the business’ vision to create a Pan-European fund data and technology champion”.
“This transaction enables us to offer a broader and deeper fund data universe to our clients and continue to drive the agenda for standardisation and efficiency in the collection and distribution of fund data.
“Our expertise in data automation and technology solutions complement the offerings provided by FE fundinfo and allow us to support our global client base in streamlining their businesses and remaining compliant in an increasingly complex regulatory landscape.”
Hamish Purdey, chief executive at FE fundinfo, added: “The fund distribution landscape is becoming ever more global and the need for greater efficiencies for data exchange cross border is something FE fundinfo aims to facilitate through its leading fund data distribution services. We share a similar philosophy with FundConnect in aiming to improve standardisation across the global fund data landscape and help our clients access and distribute their fund data and documents in a streamlined manner.
“We have been impressed with the key role FundConnect has played in improving fund data standards. Their approach to building innovative technology solutions helps to bring that data to life for the benefit of fund managers, fund distributors and investors. We’re delighted to welcome them to the FE fundinfo family.”