Extel, has been sold by Thomson Reuters for an undisclosed amount to Hong Kong-based investor website WeConvene.

Extel dates back to 1872 when it laid the first telegraphic cable connecting London to New York.  It developed into one of the largest financial news and financial data providers in the capital.

More recently it has become best known for its annual analyst surveys which rank broker and independent research based on the responses from more than 16,000 fund managers and investors.

The findings are key to the investment community and to analysts who see their career prospects and bonuses tied to their ratings. Tomorrow sees its annual awards lunch at the Guildhall.

WeConvene was set up two years ago and has offices in London.

Source:  Standard Business News