Broadridge Financial Solutions, Inc. (NYSE:BR) has acquired QED Financial Systems, Inc., a privately held investment accounting solutions provider for an undisclosed sum, according to a Broadridge statement.
QED provides a number of solutions and serves across such channels as data management and outsourced investment accounting. The group primarily caters to institutional investors and asset managers who collectively comprise a total of $1.5 trillion in assets under management.
The acquisition of QED will help Broadridge fortify both its front and back office solutions currently being provided to the worldwide asset management community. The group has targeted a focus across portfolio management, data and analytics, revenue and expense management, trade processing, and shareholder communication solutions, all of which stand to be complemented by QED’s capabilities and solutions suite.
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According to President of Broadridge’s Mutual Fund and Retirement Solutions division Michael Liberatore, in a recent statement on the acquisition, “Incorporating this expertise aligns with our strategy to provide best-of-breed solutions for the asset management space.”
“We’re pleased to welcome the QED team to Broadridge. Investment accounting is a critically important core function for asset management firms, and the combined Broadridge and QED capabilities will provide a new level of efficiency and value for our clients and the industry,” noted Broadridge’s head of Revenue and Expense Management Solutions Christopher John in an accompanying statement.
“For over 25 years, our team has built its reputation by delivering the very best in accounting solutions tailored to the needs of our specialized client base. We’re excited to be joining Broadridge, where we’ll have access to greater resources, deep expertise in hosting and managed services and extensive distribution capabilities. We look forward to delivering an enhanced suite of services for the asset management industry,” reiterated QED founder Joe Potesta.
Broadridge recently reported its quarterly metrics for the period ending September 30, 2015. During the quarter, the group revealed strong revenues, up by 7.0% YoY to $595 million, with its net profits at $34 million, up 3.0% over the same interval.