Lipper, a wholly owned subsidiary of Reuters, is expanding its reach in hedge fund and data research by acquiring TASS Research and HedgeWorld.
Lipper, a leading fund analysis and research firm, has entered into an agreement with Tremont Capital management to acquire TASS® Research, the leading institutional-quality hedge fund database which covers some 6600 hedge funds. In addition, US and Bermuda-based HedgeWorld, which provides online news, research and analysis, will be acquired from a group of companies owned by a consortium of private investors including Tremont. The acquisition of TASS Research is expected to help Lipper capitalize on the growth and institutionalization of hedge funds and significantly broadens the range of collective investments the firm tracks.
Under the terms of the agreement, Tremont will continue to manage the data collection and maintenance of the TASS Research database. Tremont will retain the right to use the TASS database, as it presently does, to support its core asset management and investment product business as well as its index-related services.
Michael Peace, chief executive officer of Lipper said: "We are delighted by the prospect of acquiring both the top hedge fund database and the leading hedge fund community and news provider. Given the substantial growth prospects in the hedge fund market, we are pleased that this acquisition will allow Reuters and Lipper to expand the services which track and research these funds for funds-of-funds managers, service providers, financial advisors and accredited investors."
Julie Holland, global head of research and asset management, Reuters said: "This agreement helps us realize our vision to become the leading supplier of collective investment intelligence to the investment industry and is key to Reuters strategy in the research and asset management space. The deal is also great news for all of our customers in terms of enhanced service, broader analysis and integrated products."
Robert Schulman, co-chief executive officer of Tremont Capital Management, said: "This transaction will band together the strength of both companies. We are very pleased with the transition of Tremont's data distribution business to Lipper. Tremont's TASS Research database is recognized as the industry leader in accurate hedge fund information and Lipper's capabilities in the delivery and integration of data are known worldwide. Tremont will continue to lead the industry in hedge fund data collection and intelligence to the benefit of our asset management clients."