NEW YORK and LONDON, June 8,
2021 /PRNewswire/ -- Utilizing distributed ledger technology
(DLT) to better streamline and connect the private equity ecosystem
and assets, Broadridge Financial Solutions, Inc. (NYSE: BR)
today released the latest evolution of its industry-leading Private
Market Hub platform, using Amazon Managed Blockchain from Amazon
Web Services, Inc. (AWS). The updated platform, the industry's
first deployment of blockchain technology for the private equity
market, now has added connectivity to existing industry tools and
technologies to help further automate workflows between front-,
middle- and back-office functions providing a consistent, secure,
real-time view of the data.
"We are leveraging blockchain technology to drive further
innovation, removing industry friction in workflows and delivering
real savings in terms of cost and time, by offering seamless
connectivity to critical applications and solutions that industry
participants rely on," said Eric
Bernstein, Broadridge's President of Asset Management
Solutions. "The trends around digitization and data and analytics
are only growing, and digital assets mark the start of an exciting
new era for the private markets industry and fund managers and
investors alike, accentuating the need to access best-in-class
products to address the evolving landscape."
"We are excited to support Broadridge's Private Market Hub,
which accelerates the digitization of a critical part of the
financial services infrastructure," said Saman Michael Far, VP,
Financial Services Technology, Amazon Web Services. "Private Market
Hub's use of Amazon Managed Blockchain, a fully managed blockchain
service, allows us to help Broadridge scale efficiently and more
effectively serve its customers."
Bringing together private equity ecosystem participants, Private
Market Hub not only reduces friction for fund managers, investors
and administrators, but also allows for easier auditability. Funds
can manage, communicate and engage with investors and other
stakeholders with far greater efficiency. These innovations are
enabled by distributed ledger technology, which streamlines
traditionally disconnected and inefficient processes and
facilitates visibility and trust.
Making private investments is a highly manual and time-intensive
process for all parties involved, due to disconnected communication
and data-sharing channels. For funds, managing investor
communications and other documents is a burdensome task and
functions for managing processes like capital calls are both time-
and resource-intensive. Back-office reconciliation between systems
often requires extensive manual steps and, as a result, there is no
single view of fund performance and investor details.
The newest version of the Private Market Hub solves these
challenges and extends the feature set available to platform
participants, including independent auditor access, and adding
connectivity to existing industry tools and technologies via
Private Market Hub's open API architecture.
About Broadridge
Broadridge Financial Solutions
(NYSE: BR), a global Fintech leader with over $4.5 billion in revenues, provides the critical
infrastructure that powers investing, corporate governance and
communications to enable better financial lives. We deliver
technology-driven solutions to banks, broker-dealers, asset and
wealth managers and public companies. Broadridge's infrastructure
serves as a global communications hub enabling corporate governance
by linking thousands of public companies and mutual funds to tens
of millions of individual and institutional investors around the
world. In addition, Broadridge's technology and operations
platforms underpin the daily trading of on average more than U.S.
$10 trillion of equities, fixed
income and other securities globally. A certified Great Place to
Work®, Broadridge is a part of the S&P
500® Index, employing over 12,000 associates in 17
countries. For more information about us and what we can do for
you, please visit www.broadridge.com.
Media Contacts:
North
America
Matthew
Luongo
Prosek Partners
+1 646-818-9279
mluongo@prosek.com
Europe
Hannah Polson
Cognito
+44 (0) 7974244217
BroadridgeEMEA@cognitomedia.com
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SOURCE Broadridge Financial Solutions, Inc.