Asset International (AI), CIO’s parent company, has acquired a Munich-based service provider to the fund distribution industry to strengthen its governance, regulation, and compliance offerings.
Financial Webworks (FWW) is to join the data and publishing firm, which was itself acquired by private equity firm Genstar a year ago.
“FWW offers products at a critical linkage between fund companies and their distribution partners, and we believe AI is in a great position to offer these products to our global customer base,” said Jim Casella, chairman and CEO of AI.
The range of products and services FWW offers to banks and financial advisors enable “advisors and investors to make sound investment decisions by providing them with transparent, up-to-date, and correct fund information,” the company said.
FWW’s staff is to remain in Munich and report to AI’s London-based European Managing Director John Lee.
This acquisition comes a month after AI announced it had bought pre and post-trade analysis firm IFS/LiquidMetrix.