Singapore Exchange (SGX) has purchased smart beta index provider Scientific Beta from EDHEC-Risk Institute for €186m.

It is part of the firm’s plan to scale-up and accelerate the growth of its Data, Connectivity and Indices (DCI) business. SGX’s state totals 93%.

Headquartered in Singapore, Scientific Beta is an index provider specialising in smart beta strategies with expertise in factor-based and risk-managed solutions.

Over 60 asset owners and asset managers tracking or benchmarking their strategies against the firm’s indices with $54.7bn in assets replicating the indices, as of September 2019.

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Loh Boon Chye (pictured), CEO of SGX, commented: “The acquisition of Scientific Beta marks an important step in the evolution of our index business.

“Scientific Beta brings a highly regarded research pedigree in the rapidly growing smart beta space, along with a strong suite of high profile clients in the US and Europe.”

Noël Amenc, CEO of Scientific Beta, added: “As Asia’s most international exchange and a global leader, SGX provides a strong platform for Scientific Beta to expand regionally and across client segments.

“Together we will drive continued development in the smart beta and sustainable finance space, leveraging Scientific Beta’s academic rigour and SGX’s product development capabilities.”