Credit pricing firm Mark-It Partners has acquired Totem Valuations, the UK-based supplier of OTC derivatives consensus valuations.
Mark-it's acquisition of Totem - which currently supplies over 30 of the premier investment banking houses with monthly data on markets in Europe, Asia and North America - offers the firm an entree into new asset classes such as equity derivatives, interest rates, foreign exchange and commodities. The combined business will have 160 clients on its customer roster, presenting further opportunities for cross-sales and referrals.
Lance Uggla, Mark-it Partners CEO and founder, says the recent wave of accounting scandals demonstrates a continuing need for independent mark-to-market data. "Totem's impressive seven year track record, as well as the strength of its relationships with the regulatory and accounting communities, provided us with the impetus for our initial approach to the business."
He says the Totem subsidiary, Dividend Directory Limited (DaDD) - which offers dividend forecasting and index management services - will be an important part of the enlarged business.
Says Uggla: "The combination of Dividend Directory’s services with Mark-it Partners’ fixed income data and reference entity database, Mark-it RED, will bring significant benefits to all institutions running portfolios of dividend and interest paying securities."
Financial details of the acquisition have not been disclosed.