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Financial Times publisher Pearson today continued its move away from print to subscription businesses by buying Medley Global Advisors.
MGA owners Goldman Sachs and private equity firms Boston Ventures and Castanea Partners have not disclosed the sum.
The advisory firm, which provides specialist hedge-fund information, was founded in 1997 by Richard Medley, a former strategist for hedge-fund king George Soros, and had estimated gross assets of $7.3 million (£4.6 million) at 31 December 2009.
The FT's chief executive, John Ridding, said: “This acquisition delivers another premium service to an important FT audience and reinforces our strategy of building strong subscriber and digital businesses.”
The FT Publishing division bought several other small-scale subscription businesses such as Money-Media which covers the American global fund management industry. Pearson boss Dame Marjorie Scardino wants to reduce dependence on print and advertising by diversifying into education and financial data.
Pearson, which has seen a better-than-expected 10 per cent growth in headline profits last year, announces annual results on 1 March.
