eVestment Alliance acquired ASAP Advisor Services, which provides investment marketing services and database management for institutional money managers and hedge fund managers, confirmed Matt Crisp, eVestment co-founder, principal and COO.
Terms were not disclosed.
The entire ASAP team will join eVestment Alliance. No layoffs are planned.
eVestment will now offer multiple technology services to enable updates to industry-leading third-party and consultant-maintained databases. While eVestment primarily provides a technological, quantitative data tool, ASAP offers a full outsource database to parcel information to third party databases, an area of growing demand for clients, Mr. Crisp said.
“The attractiveness to us was a full range of solutions … really to be a one-stop shop for asset managers disseminating information to the marketplace,” Mr. Crisp said in a telephone interview.
ASAP has more than 100 clients representing about $2.5 trillion in assets under management; eVestment has 200 clients representing more than $21.5 trillion in assets under management.
The combined company will retain the eVestment Alliance name, but will phase in a new brand name, eVestment Omni, with three versions:
• Omni Source, an automated system that allows managers to maintain control over database updates, formerly known as eVestment Exchange.
• Omni Select, which leverages Omni Source technology while giving managers flexibility to outsource the actual database updates.
• Omni Complete, a fully outsourced database that enables managers to completely hand off the database update process, formerly called ASAP ManagerQuest.
ASAP becomes the second acquisition in the last few months for eVestment. It acquired HedgeFund.net, a leading source for hedge fund data, research and news, on Sept. 19.