Broadridge, a provider of investor communications and technology-driven solutions, will see an expansion of its suite of solutions in the qualified and nonqualified plan services market, as well as the support it provides to third-party administrators (TPAs), financial advisers, recordkeepers and banks. The acquisition will enable Broadridge to meet a greater variety of client needs, including supporting larger plans. Additionally, the company will have the ability to offer greater retirement options such as advanced retirement communications capabilities, adviser support and data analytics.
The partnership will consist of WTRIS’ processing business and Broadridge’s Matrix Financial Solutions, a mutual fund and exchange-traded fund (ETF) trade processing platform for the retirement industry. The combined platform is expected to have more than $290 billion in assets under administration (AUA).
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, midsize and large plans.”
M&T Executive Vice President Bill Farrell adds, “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.” He explains the transaction will enable M&T to strengthen its institutional retirement business, which includes its collective trust program, employee stock ownership plans, U.S. Charitable Gift Trust program and fiduciary duties association with defined benefit (DB) and defined contribution (DC) plans.
The transition is expected to be completed late in the first quarter of this year, subject to customary closing requirements and regulatory approvals. Terms were not disclosed.