Broadridge Financial Solutions Inc. has purchased a division of the mutual fund information service Morningstar Inc. for an undisclosed amount, officials said Tuesday.
The Lake Success-based distributor of proxy statements, annual reports and other documents to investors on behalf of public companies said it has bought Morningstar’s 15(c) board consulting services unit. The unit provides data to boards of directors of mutual fund companies on corporate governance issues.
Morningstar is based in Chicago.
Broadridge has offered governance data to mutual fund boards since its 2015 acquisition of Thomson Reuters’ Fund Information Services division. The Morningstar unit will expand Broadridge’s services in this area, executives said.
“This acquisition broadens the breadth and depth of the data-driven solutions that Broadridge provides to the investment management industry,” division president Dan Cwenar said.
The Morningstar unit employs five people in Chicago. They joined Broadridge on Tuesday, a company spokeswoman said.
Broadridge, which was started on Long Island, has more than 10,000 employees in 16 countries.
Last month, Broadridge decided to invest $126 million over five years in its three factories in Edgewood. The modernization effort will add 262 jobs to a payroll of 1,735.
The company had considered expanding in New Jersey, Texas or India, where it also has plants. New York State and Suffolk County together are providing $35.5 million in tax breaks and grants for the Edgewood project, along with planned improvements to Broadridge’s office in Manhattan and White Plains.
Broadridge shares closed up 22 cents Tuesday, or 0.2 percent, to $90.80 on the New York Stock Exchange.