Lipper buys Fitzrovia International
26 October 2004 | 3671 views | 0
Reuters subsidairy Lipper has acquired Fitzrovia International, a privately-held provider of mutual fund information, for an undisclosed sum.
London-based Fitzrovia produces total expense ratio (TER) analysis for funds in the major European and offshore markets. The company has also developed a parallel business in consulting and research, including benchmarking studies and analysis services. The net assets of the firm as of 31 August 2004 amounted to £387,967.
Lipper says the acquisition will enable it to expand its existing fiduciary business - which provides fund companies and fund boards with reports on fund fees, expenses and performance analysis - beyond the US market.
Michael Peace, CEO, Lipper, says: "Fitzrovia's core fee and expense data directly complements Lipper's existing fiduciary business and is already integrated into our databases. This means Lipper can serve our respective client bases quickly with new analysis and insight."
Lipper claims regulatory changes in the US, along with a growing trend in Europe for regulators and funds associations to require TERs in fund documentation, has increased demand for fee and expense information.
Following the acquisition, Fitzrovia will retain its name and will continue to operate as a standalone division.