Merrill Lynch Wealth Management has chosen financial data and software company FactSet as its primary provider of market data, replacing Thomson Reuters.

Under the multi-year agreement, FactSet will deploy its web-based platform that offers multi-asset content, analytics as well as global market data. The platform will be available to more than 15,000 Merrill Lynch advisers from later this year.

The agreement includes the integration of FactSet’s data feeds into Merrill Lynch’s internal applications and client facing portals.

The selection of FactSet over Reuters comes following Blackstone’s announcement to acquire a majority stake in Thomson Reuters’ financial and risk (F&R) business for around $17bn.

FactSet CEO Phil Snow said: “Wealth management is a growing part of our business and currently represents approximately 10% of our Annual Subscription Value.

“Being selected by Merrill Lynch demonstrates how quickly we have progressed in this space and is a testament to the strength of our overall offering. We are thrilled to be expanding our relationship with Bank of America and look forward to supporting the ongoing success of their global wealth management team.”

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A unit of Bank of America, Merrill Lynch offers wealth management and investment services globally. As at 30 June 2018, the business had 14,820 financial advisers and managed around $2.3 trillion in assets.