Broadridge Financial Solutions Inc. has purchased a mutual funds research service in Europe for an undisclosed amount, the Lake Success company announced Thursday.
Broadridge has bought MackayWilliams, which provides research on European mutual funds from its offices in London and Berlin. The companies have been working on joint projects for about two years, executives said.
MackayWilliams has 20 employees and interviews more than 1,000 mutual fund buyers annually as part of its effort to gather data about investor behavior.
The acquisition adds to work that Broadridge already does through other businesses that it purchased earlier, said Dan Cwenar, head of asset management data and analytics for Broadridge.
He said MackayWilliams has “developed a deep understanding of fund selectors’ buying behavior across Europe . . . Going forward, our expanded product set will enable clients to understand how investment markets are evolving.”
Diana Mackay, joint CEO of MackayWilliams, said about the acquisition, “Having spent two years working cooperatively with the team [at Broadridge], it is a natural step forward in our relationship and one that enables us to implement many of the service developments that we have dreamed of in our many discussions.”
Broadridge distributes proxy statements, annual reports and other investor documents to shareholders on behalf of public companies and processes transactions for banks. It has 10,000 employees in 16 countries, including about 1,700 in Edgewood.
Broadridge shares fell 87 cents, or less than 1 percent, to close at $118.76 on Thursday on the New York Stock Exchange.