The NZX has had the research arm of its business for sale for some time.
Sources said a deal was very close to being announced although a spokeswoman for the NZX said it did not have anything further to officially report.
The research business has produced analysis for adviser and fund managers since 1987, monitoring about 700 investment funds worth more than $100 billion.
In 2015, it went through a restructure that saw it drop its qualitative research functions and partner with Financial Express to provide a new quantitative tool. Then, in 2016, it started a new round of qualitative research reports delivered by ResearchIP managing director Darren Howlin.
It is believed that an Australian buyer is the most likely candidate.
The New Zealand fund research space has changed significantly in recent years. Lonsec and Van Eyk are no longer operating.
Chris Douglas, Morningstar's former head of manager research for Asia-Pacific, was based in Auckland but had been replaced from Sydney.
NZX valued FundSource at $435,000 in its most recent financial results.
It paid almost $1 million for it when it bought it in 2006.
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