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Broadridge to acquire trade processing business from Wilmington Trust


Broadridge Financial Solutions is to acquire the trade processing business of the Wilmington Trust Retirement and Institutional Services unit of M&T Bank Corporation. 

The acquisition will expand Broadridge's suite of solutions for the growing qualified and non-qualified plan services market and the support it provides for third-party administrators, financial advisors, record-keepers and banks.

Wilmington Trust Retirement and Institutional Services' (WTRIS) processing business will be combined with Broadridge's Matrix Financial Solutions, a mutual fund and ETF trade processing platform for the retirement industry with access to more than 25,000 funds. The addition of WTRIS' expertise in serving the needs of complex retirement plans to Matrix's efficient back-end technology will enable Broadridge to meet an even greater variety of client needs, including supporting larger plans. Upon closing of the transaction, the combined platform is expected to have more than USD290 billion in assets under administration and will leverage the deep experience of the combined operations and trust teams.

"Broadridge delivers innovative, technology-driven solutions that help financial institutions grow their businesses and enhance their profitability, while minimising risk," says Broadridge President and Chief Executive Officer Richard J Daly. "This acquisition is in line with our strategy for tuck-in acquisitions."   

"Through Broadridge, clients will have expanded access to strong technology and innovative solutions, and will continue to experience the high-level of service they've come to expect," says M&T Executive Vice President Bill Farrell. "This transaction is a great opportunity for both companies, and enables us to further strengthen our core institutional retirement business including our collective trust program, employee stock ownership plans, US Charitable Gift Trust program, and fiduciary duties associated with defined benefit and defined contribution plans."

Gerard F Scavelli, President of Broadridge's Mutual Funds and Retirement Solutions Group, says: "The WTRIS trade processing platform gives Broadridge greater levels of flexibility, solutions and support, and together we will offer deeper, innovative capabilities for serving small, mid-size and large plans." This acquisition further scales the power of Matrix's open-architecture platform, and adds to Broadridge's overall retirement offering which includes advanced retirement communications capabilities, advisor support and data analytics.

The transaction is expected to be completed late in the first quarter of calendar 2015, subject to customary closing requirements and regulatory approvals. Terms were not disclosed.

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