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Portfolio > Economy & Markets > Fixed Income

Morningstar Buys Bond Analytics Group; Raymond James Grabs Euro M&A Firm

By Janet Levaux

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Morningstar (MSTAR) says it has bought InvestSoft Technology, which offers fixed-income analytics.

According to the Chicago-based research firm, InvestSoft helps investment firms analyze fixed-income securities and portfolios. Its BondPro Fixed-Income Calculation Engine can make more than 130 analytic and accounting calculations.

“Our asset management and advisor clients have been asking for more robust fixed-income capabilities, and InvestSoft’s analytics will help us create a more complete view of mutual fund and exchange-traded fund portfolios, providing investors with better transparency into bond funds,” said Frannie Besztery, head of data for Morningstar, in a press release on Wednesday.

Terms of the deal were not disclosed. However, Morningstar says it will “gradually integrate” the firm’s capabilities into its data processing systems and product functionality. It also plans to rebrand InvestSoft with its the Morningstar name.

“InvestSoft understands the real-time needs of investment firms, and we pride ourselves on the speed and accuracy of our calculations and the seamlessness of our data processing,” said InvestSoft CEO Todd Roitfarb, in a statement. “Now that we are part of Morningstar, we can reach and better serve more investors who need high-quality fixed-income analytics.”

The fixed-income tech group is based in Framingham, Massachusetts. Al Roitfarb founded the original firm in 1992 as Investment Technology, which was acquired by State Street in 2001. Several years later, some members of the firm reaquired key software from State Street.

After upgrading and redesigning the software Al Roitfarb and his son Todd formed InvestSoft in 2011. Al is now head of architecture for fixed income, while Todd Roitfarb is head of fixed-income products for Morningstar.

Raymond James Buys German M&A Advisory Firm

Raymond James Financial (RJF) said Wednesday that it has expanded its investment banking capabilities in Europe with the acquisition of Mummert & Co. Corporate Finance GmbH of Munich, Germany.

Mummert & Co. is a middle-market M&A advisory firm which is focused primarily on the technology, industrial, health care, consumer and business services sectors. It has advised clients on over 140 completed transactions and has 20 professionals.

Including Mummert & Co., Raymond James has over 300 M&A advisory professionals working from more than 20 offices across the U.S., Canada and Europe.

“After extensive due diligence and time spent with their management team, it was clear that Mummert & Co.’s client-centric focus and very capable team represent an excellent fit both culturally and strategically,” said Raymond James CEO Paul Reilly, in a statement. “We are confident that together we will continue to grow in Europe and build on Mummert & Co.’s impressive track record.” The newly added Mummert & Co. team will rebrand as Raymond James and operate as part of the existing Raymond James Corporate Finance division within Raymond James & Associates.

“Establishing an advisory platform on the ground in Europe has been a very high strategic priority,” said Jim Bunn, head of Raymond James Investment Banking, in a statement. “Mummert & Co. has an exceptional team, a track record of highly successful transactions and is led by senior professionals with deep experience in several industry sectors that represent a core focus for us. We’re looking forward to working with our new partners to build the foremost corporate finance business focused on the European middle market.”

Melville D. Mummert, a managing partner of Mummert & Co., will serve as head of Raymond James’ European Advisory business.

The news comes less than a week after Raymond James announced that its Canadian operations are buying the independent investment firm 3Macs, which should add 72 advisors with about $5 billion of assets to its business.

Raymond James’ Canadian unit now includes over 1,000 people; it has 370-plus advisors (both independent and employee reps) and portfolio managers working in 117 locations.

Once the deal is complete, the firm says, it expects to have the largest independent investment dealer in Canada, with some $25 billion in client assets. 

— Check out Client-Centric CEO: Raymond James’ Paul Reilly on ThinkAdvisor.

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