Broadridge Financial Solutions has closed the takeover of Morningstar’s 15(c) board consulting services business for an undisclosed sum.

The acquired business offers mutual fund boards and executive teams materials to meet 15(c) fiduciary rules.

The deal, announced last month, aims to make Broadridge the most complete source for independent, verifiable for mutual fund boards.

Morningstar’s 15(c) data will now be integrated into Broadridge’s board reporting system. The integration will allow clients to benchmark funds using Morningstar and Lipper classification systems.

Broadridge head of buy-side data and analytics Dan Cwenar said: “This acquisition broadens the breadth and depth of the data-driven solutions Broadridge provides to the investment management industry and underscores our commitment to providing innovative services to help clients get ahead of today’s challenges and capitalise on tomorrow’s opportunities.”


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