Newly formed combined business, Broadridge Fund Communication Solutions, will help asset managers meet EU and UK regulatory requirements.
The acquisition from Hargreaves Landsdown will see Broadridge combine FundsLibraby's capabilities with its existing regulatory communications offering.
The new technology will help banks that have relied on multiple reconciliation platforms that use legacy technologies which can be up to 20 years old.
The purchase is Broadridge’s sixth acquisition this year as it looks to bolster its asset management capabilities.
The tech vendor said one global tier-one investment bank is in live operation with the service, and another is in the process of onboarding via AWS.
Samir Pandiri, who recently joined Broadridge as president, will represent the company on the board.
Global custodians are increasingly seeking to evolve their business models, which have traditionally centred on the back-office, to include front-office services.
Broadridge will develop the platform to provide data and analytics tools connecting the complex private equity lifecycle for all market participants.
It is also planning a series of process enhancements in order to support both institutional intermediaries for global proxy voting.