FactSet Opens Shanghai Office, Boosts Asia Pacific Presence
Zacks Investment Research | Jun 03, 2018 10:55PM ET
FactSet Research Systems Inc. (NYSE:FDS) opened its Shanghai office on May 31. The office is located in Bank of East Asia Tower in Shanghai's financial district, Lujiazhui, Pudong. A networking event will be hosted in Shanghai by FactSet CEO Phil Snow on Jun 12, to mark the new opening.
With the opening, FactSet can now offer its data and analytic solutions to the growing number of investors and investment managers in China who seek better tools to aid them in their investment.
FactSet has been working with the Chinese investment community since 1996. Alan Bettridge, senior vice president, director of sales at FactSet Asia Pacific region, stated, "China is an important and fast-growing market for FactSet and establishing a local office in Shanghai is the next step in scaling up our business to meet the demand of our local clients.”
“Our new Shanghai office will enable us to strengthen our local support, tailor our products and services to the needs of the local market, and further expand our relationships with our clients in China”, he added.
Bottom Line
FactSet has more than 9,300 employees in 60 offices across 24 countries. It is one of the leading providers of analytical solutions, financial information and industry-leading services. It reports business through three geographic segments - the U.S. (64-67% of total fiscal revenue), Europe (25-27%) and Asia Pacific (8%).
The Asia Pacific segment operates offices in Australia, Hong Kong, India, Japan, Singapore and Shanghai. Over the past two years, the Asia-Pacific region recorded marked improvement. Revenues grew almost 40% from fiscal 2015 ($76.5 million) to fiscal 2017 ($106.7 million).
The Shanghai office is expected to add further to the robust growth in the Asia-Pacific region. Additionally, offices in Hong Kong and Sydney are in their 20th year of operations currently.
Zacks Rank & Price Performance
Currently, FactSet has a Zacks Rank #2 (Buy). You can seeZacks Investment Research
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