Broadridge Financial Solutions, Inc. (NYSE:BR) has consummated its acquisition of the trade processing business of Wilmington Trust Retirement and Institutional Services’ unit of M&T Bank Corporation (NYSE:MTB), according to a Broadridge statement.
The recently acquired business is being merged with Broadridge’s Matrix Financial Solutions, a mutual fund and ETF trade-processing platform that that will service more than a combined $300 billion in assets under administration.
Broadridge originally announced its agreement to acquire the business from Wilmington Trust Retirement and Institutional Services back on January 21, 2015. Following the feal, the acquired trade-processing business will be assimilated into the Matrix Financial Solutions business of Broadridge’s Mutual Funds and Retirement Solutions Group.
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According to Gerard F. Scavelli, President of Broadridge’s Mutual Funds and Retirement Solutions Group in a recent statement on the acquisition, “The addition of Wilmington’s products and service team to Matrix’s open-architecture platform enables us to expand our retirement solutions offering and provide comprehensive support for the growing qualified and non-qualified plan services market.”
“Broadridge is committed to offering deeper, innovative capabilities for third-party administrators, financial advisors, record-keepers and banks. We are delighted to welcome Wilmington’s customers to our client base, and associates to our organization,” he added.
Back in February, Pershing Securities Australia Ltd., part of BNY Mellon, integrated Broadridge Financial Solutions Inc.’s post-trade processing solutions suite for third-party domestic clearing.