Wolters Kluwer buys FRSGlobal to enhance regulatory reporting services
Wolters Kluwer Financial Services acquired FRSGlobal, a Brussels-based regulatory reporting and risk-management advisor, from equity investors The Carlyle Group and Kennet Partners. Financial terms weren't disclosed. Wolters Kluwer doesn't comment on deal specifics, per company policy. The acquisition comes on the heels of Basel 3, which established new capital requirements for large banks. Some have chided the new initiatives as overly costly for clients. But the Basel Committee on Banking Supervision the committee believes it has established definitive standards to protect banks, clients and investors alike. "Their contribution to long-term financial stability and growth will be substantial," Jean-Claude Trichet, president of the European Central Bank, said earlier this month. Wolters Kluwer expects FRSGlobal to enhance the company's compliance and risk products for financial institutions in more than 40 countries. The company said 41 of the top 50 banks in the world use FRSGlobal applications. “The financial crisis, globalization, and increasing regulatory scrutiny have created a complex and challenging environment for financial organizations,” said Brian Longe, chief executive officer of Wolters Kluwer financial and compliance services. “Financial organizations are requiring intelligent and comprehensive solutions and services to help them address the complexities of a rapidly evolving regulatory environment. Together, FRSGlobal and Wolters Kluwer Financial Services will be able to provide global financial organizations with the most comprehensive compliance and risk management solutions available.” FRSGlobal was founded in 1989 and has 350 employees located in 20 offices worldwide. Chief executive Steve Husk and chief financial officer Serge Minne will join Wolters Kluwer Financial Services and continue to lead FRSGlobal. Write to Jason Philyaw. Additional reporting by Jacob Gaffney.