Broadridge Financial Solutions has acquired certain technology solutions from PivotData, and its partner Sol Hedge, to strengthen its business amongst private fund asset managers.

The company has acquired private fund regulatory reporting solutions from PivotData and Sol Hedge to enable private fund asset managers to better meet their regulatory reporting requirements.

These newly acquired platforms help asset managers gather appropriate data, calculate what information is needed from a submission perspective and submit data to the appropriate authorities.

Broadridge head of asset management solutions 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.”

Sol Hedge head of global product development 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.”

The acquired solutions are expected to be added to Broadridge’s existing reporting solutions.

Broadridge did not disclose the terms of the deal.

In June last year, Broadridge agreed to acquire MackayWilliams, a UK-based fund market and research firm, for an undisclosed sum.