Fintel agrees acquisition of Rayner Spencer Mills Research

16th Jul 2024 13:35

(Sharecast News) - Fintech and support service specialist Fintel announced a conditional agreement to acquire Rayner Spencer Mills Research (RSMR), a prominent fund ratings and research agency in the UK, on Tuesday.

The AIM-traded firm said the acquisition would be executed through Defaqto, its subsidiary and provider of financial information, ratings, and fintech services.

It said the transaction was expected to complete in the coming months, pending regulatory approval.

The board said the strategic acquisition aligned with Fintel's strategy to expand into adjacent markets, enhancing its fund research and ratings capabilities for financial services and investment professionals.

By integrating RSMR's capabilities, Fintel said it aimed to add scale, intellectual property, and quality data sets to help the market better understand and improve the suitability of financial products.

RSMR would become the ninth company acquired by Fintel in the last 12 months, joining a diverse portfolio including AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen James, ifaDASH, and threesixty.

"RSMR's fund ratings and portfolios are trusted by over 15,000 advisers across the UK," said joint chief executive officer Matt Timmins.

"Utilising a rigorous research methodology, their ratings are a badge of quality, due diligence and reputation.

"RSMR is another strategically important acquisition, adding industry expertise, insight and data that is complementary to Defaqto's."

Timmins said he had worked with the team at RSMR for some time, and admired their research methodology, independence and market dedication.

"Their history, pedigree and ambition will add significantly to our business and I am delighted that RSMR have chosen Defaqto and Fintel to support the next stage of their growth."

At 1504 BST, shares in Fintel were down 0.15% at 314.51p.

Reporting by Josh White for Sharecast.com.