Fund data company FE fundinfo has gained a foothold in the Nordic market with the acquisition of FundConnect, a fund data and technology company based in Denmark.

FundConnect was founded in Copenhagen in 2000 and it collects and distributes fund data across Europe, specialising in advanced data collection, data distribution and web solutions.

The company, along with the Danish Investment Association which jointly owns FundCollect, serves the entire Danish mutual fund industry; both Danish fund groups and international funds operating in Denmark.

FundConnect has worked with the European Fund and Asset Management Association (EFAMA) supporting industry initiatives such as the European Fund Classification (EFC).

According to FE fundinfo, it already has many shared clients which are supported domestically by FundConnect, although the acquisition is aimed at offering a broader set of services to their clients and partners who are increasingly operating cross border.

Hamish Purdey, chief executive at FE fundinfo, said: “The fund distribution landscape is becoming ever more global and the need for greater efficiencies for data exchange cross border is something FE fundinfo aims to facilitate through its leading fund data distribution services. We share a similar philosophy with FundConnect in aiming to improve standardisation across the global fund data landscape and help our clients access and distribute their fund data and documents in a streamlined manner.