FactSet, the US investment research provider, has spent €50m ($60m) buying JCF, a Paris based firm that provides global broker research and other financial data to institutional investors.

FactSet currently receives around half of its data from third party vendors such as Thomson Financial and Reuters. This deal, first revealed by Financial News last week, is set to close in September, and will pave the way for FactSet to generate its own data rather than relying other providers.