NEW YORK, Oct. 10, 2019 /PRNewswire/ -- Broadridge
Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and
part of the S&P 500® Index, has entered into a purchase
agreement to acquire Fi360, Inc. Fi360 is a leading provider of
fiduciary-focused software, data and analytics for financial
advisors and intermediaries across the retirement and wealth
ecosystem. Fi360 also provides the accreditation and continuing
education for the Accredited Investment Fiduciary® (AIF®)
Designation, the leading designation focused on fiduciary
responsibility.
Broadridge's acquisition of Fi360 will enhance its existing
retirement solutions by providing wealth and retirement advisors
with fiduciary tools that complement its Matrix trust and trading
platform. The acquisition will also further strengthen Broadridge's
data and analytics tools and solutions suite that enable asset
managers to grow their businesses by providing greater transparency
into the retirement market.
"The shift to fee-based advice and imminent regulatory changes,
including the SEC's Regulation Best Interest, are increasing the
scrutiny on firms to ensure that they are demonstrating prudent
advisory practices," said Michael
Liberatore, head of Broadridge's Mutual Fund and Retirement
Solutions business. "Our goal is to help firms stay ahead of this
evolving regulatory landscape. Integrating Fi360's solutions set
with Broadridge's leading wealth and retirement solutions will
enable better support for clients as they build and maintain
responsible fiduciary practices."
"We're delighted to become part of Broadridge. Leveraging
Broadridge's scalable technology and position within the financial
services network will enable us to offer the best possible
solutions to help clients provide a fiduciary standard of care,"
said Fi360 CEO Bill Mueller.
Fi360 supports industry needs through analytical and reporting
software that helps investment professionals document investment
processes and evaluate products. Fi360's analytics products enable
broker-dealers to automate compliance procedures and identify
at-risk assets. Its online and in-classroom training and ongoing
annual designations empower retirement, wealth and other investment
professionals to serve their clients' best interests. Fi360 has
awarded the AIF® Designation to over 11,000 advisors since 2003,
helping them win and retain plan business.
The acquisition is subject to the satisfaction of customary
closing conditions, including regulatory approvals, and is expected
to close in November. Raymond James
& Associates is acting as financial advisor to Fi360 in the
transaction. Terms of the transaction were not disclosed.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the federal securities laws, including the Private
Securities Litigation Reform Act of 1995, including statements
giving expectations or predictions of future financial or business
performance or conditions. Forward-looking statements are typically
identified by words such as "believe," "expect," "anticipate,"
"intend," "target," "estimate," "continue," "positions,"
"prospects" or "potential," or by similar words. In particular, any
projections or expectations regarding the proposed transaction
described herein, future financial results, as well as the
assumptions on which such expectations are based, are
forward-looking statements. These statements reflect only our
current expectations and are not guarantees of future performance
or results. These statements involve risks, uncertainties and
assumptions that change over time and could cause actual results or
performance to differ materially from those contained in the
forward-looking statements and historical performance. In addition
to the risks previously disclosed in our reports filed with the
Securities and Exchange Commission ("SEC"), these risks,
uncertainties and assumptions include, but are not limited to: the
ability to obtain regulatory approval and to meet any closing
conditions related to the proposed transaction on the expected
terms and schedule or at all; delay in closing the transaction;
difficulties and delays in integrating the acquired assets or fully
realizing cost savings and other benefits; business disruption
following the proposed transaction; the inability to realize
synergies or to implement integration plans; and other risk factors
described in our Annual Report on Form 10-K filed with the SEC on
August 6, 2019, our subsequent
Quarterly Reports on Form 10-Q and other reports we file with the
SEC. Projected and estimated numbers are used for illustrative
purpose only, are not forecasts and may not reflect actual
results.
These forward-looking statements are subject to numerous
assumptions, risks and uncertainties which change over time and
speak only as of the date on which the statements were made. We
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent required by
law.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader and a part of
the S&P 500® Index, is a leading provider of investor
communications and technology-driven solutions to banks,
broker-dealers, asset and wealth managers and corporate issuers.
With over 50 years of experience, including more than 10 years as
an independent public company, Broadridge provides an important
infrastructure that powers the financial services industry.
Broadridge's infrastructure underpins proxy voting services for
over 50 percent of public companies and mutual funds globally, and
processes on average more than U.S. $7
trillion in fixed income and equity trades per day of
securities. Broadridge employs over 11,000 full-time associates in
18 countries. For more information about Broadridge, please
visit www.broadridge.com
About Fi360
Fi360, a fiduciary education, training and technology company,
helps financial intermediaries use prudent fiduciary practices to
profitably gather, grow and protect investors' assets. Since 1999,
the firm has provided financial professionals with the tools
necessary to act as a fiduciary in their work with investors.
Headquartered in Pittsburgh, PA,
Fi360 is the home of the Accredited Investment Fiduciary® (AIF®)
Designation, the Fiduciary Focus Toolkit™ and the Fi360 Fiduciary
Score®. Fi360 is also the parent company of CEFEX. Learn more at
www.Fi360.com.
Contacts:
Investors:
W. Edings Thibault
Head of Investor Relations
Broadridge Financial Solutions
+1 516-472-5129
Edings.Thibault@Broadridge.com
Media:
Linda Namias
Broadridge Financial Solutions
+1 631-254-7711
Linda.Namias@Broadridge.com
View original
content:http://www.prnewswire.com/news-releases/broadridge-to-expand-fiduciary-and-reg-bi-solutions-for-wealth-and-retirement-industry-with-acquisition-of-fi360-300935145.html
SOURCE Broadridge Financial Solutions, Inc.