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November 04, 2019 at 02:46 PM
In yet another fintech sector acquisition, Morningstar said Sunday that its Morningstar Australasia subsidiary entered into a definitive agreement to buy Australian advisor software firm AdviserLogic.
The transaction is expected to close by Nov. 30, subject to customary closing conditions, Morningstar said.
Broadridge Financial Solutions, meanwhile, announced Monday that it completed its previously announced acquisition of Fi360, a provider of fiduciary-focused software, data and analytics for financial advisors and intermediaries across the retirement and wealth ecosystem. In announcing the acquisition, Broadridge had said it was expected to close in November and would enhance its existing retirement solutions by providing wealth and retirement advisors with fiduciary tools that complement its Matrix trust and trading platform. The purchase closed Friday, according to Michael Liberatore, head of Broadridge’s Mutual Funds and Retirement Solutions business.
Neither Morningstar nor Broadridge announced terms of the acquisitions. Peter Heckmann, managing director of equity research at D.A. Davidson, recently estimated Fi360 “will be a nice addition to Broadridge” — albeit a relatively small one compared with the $4.4 billion in total revenue reported by Broadridge for the last fiscal year. He and other fintech experts predicted continued consolidation in the sector.
AdviserLogic’s cloud-based, financial planning software serves independent financial advisors in Australia. Its open architecture software platform provides an end-to-end planning solution that “encompasses best in class training and support,” according to Morningstar.
“Morningstar believes in the value of financial advice, and we share a common mission with advisers to empower investor success,” Jamie Wickham, managing director of Morningstar Australasia, said in a statement.
