Fintech major Broadridge Financial Solutions has acquired some of the private fund regulatory reporting capabilities from PivotData and its partner Sol Hedge for an undisclosed price.
Image: Broadridge expands asset management solutions with latest acquisition. Photo: courtesy of rawpixel/Unsplash.com.
PivotData provides data management and compliance reporting solutions for the investment community. The acquisition of its capabilities and that of its partner’s are expected to help Broadridge expand its asset management solutions.
The fintech company plans to leverage the capabilities of the two firms to help private fund asset managers comply to their regulatory reporting requirements.
Broadridge asset management solutions head Eric Bernstein said: “This acquisition is a natural addition to our rapidly expanding technology and services platform for asset managers.
“Regulatory reporting is a notorious struggle across the asset management industry, and PivotData and Sol Hedge’s industry expertise will help our current and prospective Broadridge clients meet their current requirements and be ready for what’s next.”
According to Broadridge, the data transformation, normalization and load (ETL) processes and in-house compliance experience of PivotData and Sol Hedge will offer clients regulatory reporting solutions that are reliable, cost-effective and timely.
The regulatory reporting capabilities of the two firms will add to Broadridge’s existing reporting solutions. As a result, they are expected to enable clients collect appropriate data, calculate the required information from a submission perspective and helping them in filing data to the relevant authorities.
Sol Hedge global product development head Kelli Brown said: “Our application was custom-built to excel at regulatory reporting and we look forward to scaling with the help of Broadridge’s deep product expertise and worldwide reach.”
Headquartered in Lake Success, New York, Broadridge is a provider of investor communications and technology-driven solutions to banks, broker-dealers, asset managers and corporate issuers across the world.
In October 2018, the fintech major launched a new asset servicing solution, which is a cloud-based automated processing solution designed to address end-to-end asset servicing complexities to enhance efficiency and decrease operational risk.
The full end-to-end solution is said to optimize corporate actions, dividend and coupon processing across various asset classes, business lines and regions through the automation of the full asset servicing lifecycle.