Thomson Reuters to buy Clarient and Avox
06 February 2017 | 7405 views | 0
Thomson Reuters has moved to strengthen its KYC management services and legal entity data by buying Clarient and Avox from the DTCC and its bank partners. Financial terms were not disclosed.
Clarient was set up by the DTCC with BNY Mellon, Barclays, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street in 2014 to provide centralised services for all client data and documents needed for internal onboarding and to help firms meet broader regulatory requirements including KYC, Fatca, Emir and Dodd-Frank.
UK-based Avox supplies legal entity data, hierarchies and identifiers on financial entities globally for its clients.
Thomson Reuters will integrate the firms into its portfolio of risk management, compliance and reference data offering, strengthening its KYC managed service, which launched three years ago and now serves 23 financial institutions worldwide.
Steve Pulley, MD, risk managed services, Thomson Reuters, says: "The selection of Thomson Reuters by the founder banks and DTCC as the firm to lead the next wave of development in this exciting space reflects the progress we have made in our legal entity and KYC managed service franchise over the past three years, including the successful launch of the industry-first regional KYC service last year in Africa."
Colin Hall, group chief data officer, Credit Suisse, adds: "Combining the services and vision of Clarient and Thomson Reuters will provide an enhanced and more effective client experience, supporting critical processes throughout the onboarding process in times of continuous global regulatory change."