FactSet announced it will become the primary market data provider for all 15,000 of Merrill Lynch Wealth Management’s brokers and employees, including data feeds which will be integrated into Merrill’s client-facing portals.
“Wealth management is a growing part of our business and currently represents approximately 10 percent of our Annual Subscription Value,” said Phil Snow, CEO of FactSet. “Being selected by Merrill Lynch demonstrates how quickly we have progressed in this space and is a testament to the strength of our overall offering. We are thrilled to be expanding our relationship with Bank of America and look forward to supporting the ongoing success of their global wealth management team.”
The firm said the market win is a sign of FactSet’s goal of moving deeper into the wealth management space, enhanced by its acquisition of Interactive Date Managed Solutions from the Intercontinental Exchange last year. That transaction allowed FactSet to offer customizable web-based portals and APIs for wealth management organizations, as well as real-time market data for desktops and mobile platforms.