DEFINITION of 'FactSet'
FactSet Research Systems provides computer-based financial data and analysis for financial professionals, including investment managers, hedge funds and investment bankers. It consolidates data on global markets, public and private companies, and equity and fixed-income portfolios. FactSet was founded in 1978 by Howard Wille and Charles Snyder and is headquartered in Connecticut, with additional offices in the United States and around the world.
BREAKING DOWN 'FactSet'
FactSet's mission is to help the performance of investment professionals throughout the world. The company does this by providing analytical insight gleaned from raw financial data. FactSet provides investors and other professionals with the tools needed to convert this data into information that can be used in financial analysis and financial reporting.
The Company's Products
The company gives its clients an all-inclusive computer system that can be personalized for the specific needs of investment managers, hedge funds, investment bankers and other quantitative fields and industries. FactSet offers products that take care of market analytics, financial content, financial screening, customized data analytics and more. The company has a sterling track record of helping its clients succeed, and as of 2016, it services over 58,000 users in more than 2,900 companies and organizations. FactSet reports it has had a client retention rate of 90% for over 15 years.
FactSet is broken down into three business units: one in the United States, one in Europe and one in Asia Pacific. The business unit located in the United States provides financial solutions to financial professionals as well as domestic financial institutions. The European and Asia Pacific business units only service financial professionals in the regions in which each unit operates.
As of May 2016, the company is led by chief executive officer (CEO) Philip Snow, who assumed the head role in 2015. Snow began his career at FactSet in 1996 as a consultant and held various company positions in the United States and abroad. Snow holds a degree in chemistry from the University of California, Berkeley and a master's degree in international management from the Thunderbird School of Global Management from Arizona State University.
FactSet has an established corporate governance with audit board committees made up of independent directors to help with financial and corporate compliance. The company also requires for shareholders to have a supermajority to amend specific company provisions and an employee hotline that allows for the reporting of ethical or accounting concerns. This makes FactSet even more compliant in the financial services sector.