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London Stock Exchange sells wealth back-office unit for $1.1 billion

Linda Caughey March 26, 2022

LONDON (Reuters) -The London Stock Exchange Group claimed on Monday it will promote its prosperity administration know-how functions BETA+ for $1.1 billion to affiliate marketers of Clearlake Money Team and Motive Partners to slash the exchange’s leverage.

BETA+, which consists of Maxit and Digital Investor, provides again-workplace processing to the prosperity administration business, like securities processing and tax reporting. It had profits of about $300 million past 12 months, largely linked to U.S. markets.

LSEG claimed it expects to hand a “important proportion” of the web proceeds to shareholders by means of a buyback, which would likely start out in the third quarter.

“In addition, LSEG announces that it has entered into a new very long-expression strategic partnership for facts, content material and applications with BETA+ and portfolio firms owned by Motive and Clearlake,” LSEG explained in a assertion.

The partnership will offer LSEG with new, recurring revenue at desirable development rates as a result of entry to new consumer segments, the trade mentioned.

Shares in LSEG, which stated leverage would be cut, ended up down .2% at 7,942 pence at 1200 GMT.

“The prosperity management industry continues to reveal prospects, bolstered by tailwinds across the spectrum which include a major motion in technological innovation modernization, industry consolidation, raises in retail buying and selling, and democratization of the cash markets,” Clearlake and Motive stated in a statement.

Thomson Reuters, father or mother of Reuters News, holds a minority stake in LSEG, whose knowledge and analytics arm Refinitiv pays Thomson Reuters for news it distributes.

(Reporting by Huw Jones Editing by Kirsten Donovan and Emelia Sithole-Matarise)

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