French fund data provider Funds360 has been sold to FE Fundinfo for an undisclosed sum.
In a statement, FE Fundinfo said that it would combine Funds360’s dataset with its own data and technical expertise in the UK, continental Europe, and Asian markets.
Hamish Purdey, chief executive at FE Fundinfo, said: “The fund distribution landscape is becoming ever more global and the need for greater efficiencies in data exchange across borders is something FE Fundinfo aims to facilitate through its leading fund data distribution services. We share a similar philosophy with Funds360 in making investment data accessible across the global fund data landscape to make investors better connected and better informed.”
He added: “We have been impressed by the deep expertise of the French market within the team at Funds360 and we’re delighted to welcome them to the FE Fundinfo family.”
Funds360, which was sold by Euronext, specialises in providing back offices and solution providers with fund data, life insurance schemes, real estate investment vehicles as well as equities, bonds and structured products. The company serves clients in the insurance, banking, asset management, wealth management, media and fintech industries. It also offers regulatory look-through solutions and media solutions to its clients.
This latest news follows some rapid expansion from FE Fundinfo since the beginning of 2021.
The firm was officially launched at the beginning of last year as a global fund data and technology service connecting fund managers, distributors, and financial advisers across the world.
The rebranded company was the result of the 2018 three-way merger of FE (Financial Express), an investment data, analytics and software provider; Fundinfo, an international platform for asset managers and fund distributors and investors; and F2C, a fund data management platform.
It has since gone on to buy a host of firms, beginning with the Liechtenstein-based Center for Social and Sustainable Products, which it bought in its entirety in January 2021. That acquisition saw CSSP founders Oliver Oehri and Cristoph Dreher co-head the ESG product group at FE Fundinfo.
Further growth occurred a couple of months later when it announced it was expanding its services into Cyprus, Czechia, Greece, Hungary, Iceland, and Malta. The services reportedly contain documents, data, and ratings related to more than 42,000 funds and ETFs and 175,000 different share classes from more than 580 asset managers.
It would go on to pick up Denmark’s FundConnect in August.