CFRA Creates Industry’s Largest Institutional-Grade Independent Equity Research Team; Agrees to Acquire S&P Global Market Intelligence’s Equity and Fund Research

• Acquisition to create formidable combination of sophisticated forensic analysis, broad equity research, and fund research services
• Transaction fuels continued growth trajectory for CFRA’s global business

NEW YORK; September 7, 2016 — CFRA, a leading provider of independent forensic accounting, legal research, analytics, and advisory services has entered into a definitive agreement to acquire S&P Global Market Intelligence’s Equity and Fund Research (Equity Research) business. S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). The combination of CFRA’s advanced forensic analysis professionals and Equity Research’s recognized analyst group will create the industry’s largest institutional-grade independent equity research team.

CFRA will employ the largest global team of independent equity analysts delivering institutionalquality research with over 65 research professionals located globally in New York, Washington DC, Denver, London, Hong Kong, and Kuala Lumpur. CFRA’s services are utilized by investors who oversee over $18 trillion of assets within the institutional and retail asset management industry.

The combined entity will provide access to fundamental equity analysis, forensic accounting research, quantitative research, legal analysis, exchange-traded fund and mutual fund research, fixed-income research, and industry surveys for both wealth advisors and institutional investors. CFRA will also offer multi-dimensional coverage of over 17,000 global companies. The research team will be led by Zach Gast, Global Director of Research at CFRA, who has previously held positions at Paulson & Co. and RiskMetrics.

“The combination of S&P Global Market Intelligence’s broad equity and fund research business with CFRA’s deep forensic analysis will create tremendous new value for market participants,” said Peter E. de Boer, CEO of CFRA. “Recent high-profile cases of accounting fraud highlight the need for more in-depth forensic work overlaid on fundamental equity and funds research for all investors.”

CFRA’s research is highly sought-after by leading global institutional investment managers, insurance companies, regulators, and professional services firms. The firm’s proven methodology and results create value by highlighting areas of risk and identifying alpha-generating opportunities. Founded in 1923, S&P Global Market Intelligence’s Equity Research is the industry gold standard for global equity qualitative and quantitative rankings and analysis. Equity Research is also a leading provider of exchange-traded fund and mutual fund research for wealth managers.

“The market has come to rely on S&P Global Market Intelligence’s Equity and Fund Research business as a trusted source of independent analysis, and CFRA is uniquely positioned to continue a legacy of providing value for clients,” said Mike Chinn, President of S&P Global Market Intelligence. “We believe the pairing of Equity Research with CFRA will benefit Equity Research’s existing clients and the market overall while allowing S&P Global Market Intelligence to allocate resources to areas that more closely align with our vision and future growth.”

About CFRA

CFRA (www.cfraresearch.com) is the world’s largest provider of institutional-grade independent equity research. Through sophisticated forensic analysis and broad fundamental equity and fund research, CFRA empowers sophisticated investment professionals, advisors and risk managers with actionable ideas and proven results.

Founded in 1994, CFRA utilizes battle-tested methodologies that consistently identify actionable situations from which clients can gain an investment edge and avoid risk. CFRA’s global clients include the world’s leading institutional investors, wealth advisors, insurance companies, regulators, and professional service organizations.

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