Financial-services company Markit Group has agreed to acquire a JPMorgan Chase & Co. business that provides portfolio and risk-management software.
Terms weren't disclosed for the deal, which will allow Markit to provide independent loan market data and software.
Markit provides data, valuations and trade-processing services to the stock and credit markets, and JPMorgan FCS Corp. specializes in the leveraged-loan and high-yield segments.
Markit Chief Executive Lance Uggla said the combined operations will have more than 350 loan-market specialists and more than 400 institutional relationships.
Markit said the deal will reinforce its position in the global credit markets and enable it to develop systems to improve efficiency and transparency in the loan markets.
