UK news and financial data company Reuters has signed an agreement to acquire European fund research specialist Feri Fund Market Information (FFMI).
London-based FFMI specialises in mutual fund analysis and research in the European domestic and cross-border fund markets. The acquisition includes FFMI's fund database subsidiary, FI Datenservice (FID), which is a source of mutual fund data and analytical tools in German-speaking markets.
The UK vendor is buying the business from Feri Rating and Research, which is a subsidiary of German financial services group MLP.
Reuters says the value of the gross assets to be acquired in the transaction is EUR3 million, as at 30 April 2007.
Following the transaction the businesses will be combined within Reuters' Lipper unit. Under the agreement Lipper will also become the primary supplier of investment fund data to MLP subsidiary Feri Finance.
Commenting on the acquisition, Michael Peace, Reuters global head of research and asset management and CEO of Lipper, says: "The Feri FMI team and businesses are a great addition to Lipper's global funds operation and will play a key part in delivering real insight to the funds industry."
"Customers will also benefit from the combined operation, particularly those in German-speaking markets," adds Peace.
The deal is subject to final approval from the German Federal Cartel Office.