FundSource gets new owner

The former FundSource fund research business has a new owner.

Friday, October 8th 2021, 11:14AM 1 Comment

Several years ago NZX sold FundSource in a long and protracted process to Melbourne-based Zenith Group.

Since, the sale Zenith has not been particularly active in New Zealand, but now the whole Zenith business has been bought by FE fundinfo.

FE is a global fund data and technology business providing research, ratings, managed accounts and adviser technology services across the Asia Pacific region.

"The deal brings together two of the leading fund data and research providers in Europe and the APAC region with a complementary set of asset manager and adviser-focused services," FE says in a statement.

"FE fundinfo’s aim is to connect the investment industry. This is achieved by bringing greater transparencies and efficiencies to the sector through the provision of high-quality data, investment research and fund ratings."

“As factors such as increasing regulation, the growth in ESG investing and the development of new technology all continue to revolutionise the global funds industry, there is a greater need than ever for advisers and asset managers to have access to the very best data, ratings and research to allow their clients to make the most of the opportunities in this new landscape," FE fundinfo chief executive Hamish Purdey says.

Zenith was founded 20 years ago and has grown to support financial advisers with research ratings on over 1000 investment and superannuation funds and more than 150 investment portfolio solutions. As one of the first multi-asset managed account providers in Australia, Zenith now manages in excess of A$3 billion in assets for advisers, on behalf of its clients.

David Wright, chief executive officer at Zenith Group, says the acquisition presents an exciting opportunity for the broader Zenith Group, "...and I am looking forward to working with FE fundinfo to expand our research, data and technology solutions offering to Australian clients, while also giving us the opportunity to explore a global reach".

The announcement is the latest development in FE fundinfo’s growth strategy, a key element of which is supported by M&A activity.

The acquisition follows deals with ESG specialists CSSP at the end of 2020 and in 2021, cashflow planning provider CashCalc and fund data technology company FundConnect.

Tags: FundSource Zenith

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Comments from our readers

On 9 October 2021 at 8:33 am Pragmatic said:
A great outcome for both Zenith & FE (…as well as getting Zenith’s PE monkey off their back)

Unfortunately this means nothing to the now defunct FundSource brand. My bet is you’ll not hear that name again…

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