LAKE SUCCESS, N.Y.,
April 13, 2015 /PRNewswire/
-- Broadridge Financial Solutions, Inc. (NYSE: BR) has
completed its acquisition of the trade processing business of the
Wilmington Trust Retirement and Institutional Services unit of
M&T Bank Corporation (NYSE: MTB). The acquired business is
being combined with Broadridge's Matrix Financial Solutions, a
best-in-class mutual fund and ETF trade processing platform that
that will service more than $300
billion in assets under administration after giving effect
to this transaction.
Broadridge announced its agreement to acquire the business on
January 21, 2015. Terms were not
disclosed.
"The addition of Wilmington's
products and service team to Matrix's open-architecture platform
enables us to expand our retirement solutions offering and provide
comprehensive support for the growing qualified and non-qualified
plan services market," said Gerard F.
Scavelli, President of Broadridge's Mutual Funds and
Retirement Solutions Group. "Broadridge is committed to offering
deeper, innovative capabilities for third-party administrators,
financial advisors, record-keepers and banks. We are delighted to
welcome Wilmington's customers to
our client base, and associates to our organization."
The acquired trade processing business will be integrated into
the Matrix Financial Solutions business of Broadridge's Mutual
Funds and Retirement Solutions Group.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading
provider of investor communications and technology-driven solutions
for broker-dealers, banks, mutual funds and corporate issuers
globally. Broadridge's investor communications, securities
processing and business process outsourcing solutions help clients
reduce their capital investments in operations infrastructure,
allowing them to increase their focus on core business
activities. With over 50 years of experience, Broadridge's
infrastructure underpins proxy voting services for over 90% of
public companies and mutual funds in North America, and processes more than
$5 trillion in fixed income and
equity trades per day. Broadridge employs approximately 6,700
full-time associates in 14 countries. For more information about
Broadridge, please visit www.broadridge.com.
Matrix Financial Solutions, a Broadridge company, is a leading
provider of TrueOpen Platform® retirement products and services for
third party administrators, financial advisors, banks and other
financial professionals. Matrix serves more than 400 financial
institutions with over $300 billion
in customer assets under administration processed through its
trading platform. For more information about Matrix, visit
matrix.broadridge.com.
Forward-Looking Statements
This press release and other written or oral statements made
from time to time by representatives of Broadridge may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical in nature, and which may be identified by the use of
words such as "expects," "assumes," "projects," "anticipates,"
"estimates," "we believe," "could be" and other words of similar
meaning, are forward-looking statements. These statements are based
on management's expectations and assumptions and are subject to
risks and uncertainties that may cause actual results to differ
materially from those expressed. These risks and uncertainties
include those risk factors discussed in Part I, "Item 1A. Risk
Factors" of our Annual Report on Form 10-K for the fiscal year
ended June 30, 2014 (the "2014 Annual Report"), as they may be
updated in any future reports filed with the Securities and
Exchange Commission. All forward-looking statements speak only as
of the date of this press release and are expressly qualified in
their entirety by reference to the factors discussed in the 2014
Annual Report. These risks include: the success of Broadridge in
retaining and selling additional services to its existing clients
and in obtaining new clients; Broadridge's reliance on a relatively
small number of clients, the continued financial health of those
clients, and the continued use by such clients of Broadridge's
services with favorable pricing terms; changes in laws and
regulations affecting Broadridge's clients or the services provided
by Broadridge; declines in participation and activity in the
securities markets; any material breach of Broadridge security
affecting its clients' customer information; the failure of
Broadridge's outsourced data center services provider to provide
the anticipated levels of service; a disaster or other significant
slowdown or failure of Broadridge's systems or error in the
performance of Broadridge's services; overall market and economic
conditions and their impact on the securities markets; Broadridge's
failure to keep pace with changes in technology and demands of its
clients; Broadridge's ability to attract and retain key personnel;
the impact of new acquisitions and divestitures; and competitive
conditions. Broadridge disclaims any obligation to update or revise
forward-looking statements that may be made to reflect events or
circumstances that arise after the date made or to reflect the
occurrence of unanticipated events, other than as required by
law.
Contact Information
Investors:
Brian S. Shipman, CFA
Broadridge Financial Solutions, Inc.
BroadridgeIR@broadridge.com
Media Contacts:
Linda
Namias
Broadridge Financial Solutions, Inc.
(631) 254-7711
linda.namias@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.