Broadridge Financial Solutions today announced the closing of its acquisition of Bonaire Software Solutions, a provider of fee calculation, billing, and revenue and expense management solutions for institutional asset managers, wealth managers, mutual funds, bank trusts and hedge funds.
Terms of the transaction were not disclosed.
Bonaire will operate as part of Broadridge’s mutual fund and retirement solutions group, with current management remaining at the firm and reporting to Gerard Scavelli, President, Mutual Funds and Retirement Solutions Group, Broadridge.
“The addition of Bonaire is a great advancement in our strategy to offer expanded fee and expense management solutions to the financial services industry,” stated Scavelli.
“The combined Broadridge and Bonaire solutions will help create the transparency, automation and audit trails that firms need as they respond to increased regulatory scrutiny of fee calculations around the globe.”