Mutual fund research giant Lipper said Tuesday that it had purchased a rival, London-based Fitzrovia International, for an undisclosed amount of money.

Fitzrovia, considered Lipper’s equivalent in London, specializes in the analysis of non-U.S. funds’ total expense ratios. In a statement, Lipper said it can now "provide clients with a truly global fund expense and data service in its software, datafeed and consulting products."

As part of the agreement, Lipper said that although Fitzrovia’s existing operations will grow, the company will retain its name and continue operating as a stand-alone division.

"Fitzrovia is an excellent fit with Lipper’s existing business operations," said Lipper Chief Executive Officer Michael Peace. "Fitzrovia’s core fee and expense data directly complements Lipper’s existing fiduciary business and is already integrated in our databases."

The managing director of Fitzrovia, Adam Fox, said, "Joining forces with another company is the obvious next step to take our research forward."

Lipper is owned by the news and information company Reuters.

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