Reuters has sold its financial services research business TowerGroup to MasterCard Advisors for an undisclosed sum.
MasterCard Advisors, which is MasterCard International's research and consulting services unit, says TowerGroup will continue to operate as a separate business with full editorial independence. The firm's headquarters will remain in Needham, Massachusetts.
Under the acquisition, Karen Cone, MasterCard Advisors' global practice leader for research, will become president and CEO of TowerGroup, replacing Mark Sievewright - who once ran marketing and corporate communications for MasterCard subsidiary Europay - who will leave the firm.
Reuters said in September last year that it was looking to sell off both its TowerGroup and Yankee Group research businesses as part of its efforts to concentrate on core financial news and information services.