Broadridge Financial Solutions has agreed to purchase Fi360, a provider of fiduciary software for financial advisers and intermediaries.
The deal value was not divulged.
Pittsburgh-based Fi360 offers analytical and reporting software to assess products and document investment processes. Its analytics offerings are designed to automate compliance procedures. The firm also offers online and in-classroom training for retirement and wealth professionals.
Broadridge believes that Fi360’s fiduciary tools will strengthen its existing retirement solutions and complement its Matrix trust and trading platform. Fi360 technology is also said to offer Broadridge more transparency into the retirement market.
The deal is pending regulatory nod, with completion anticipated next month.
Broadridge Mutual Fund and Retirement Solutions business head Michael Liberatore said: “The shift to fee-based advice and imminent regulatory changes, including the SEC’s Regulation Best Interest, are increasing the scrutiny on firms to ensure that they are demonstrating prudent advisory practices.
“Our goal is to help firms stay ahead of this evolving regulatory landscape.
“Integrating Fi360’s solutions set with Broadridge’s leading wealth and retirement solutions will enable better support for clients as they build and maintain responsible fiduciary practices.”
Broadridge has made several purchases this year.
The acquired businesses are Financial Database Services, Northern Trust’s blockchain-based private equity asset servicing platform, RPM Technologies, Rockall, as well as certain technology solutions from PivotData, and its partner Sol Hedge.