Broadridge Financial Solutions, Inc. (NYSE: BR) is expanding its professional services practice within the company's Global Technology and Operations business unit to help financial institutions navigate regulatory and operational challenges and execute large business transformation initiatives.
The company has hired industry veteran Erik DiGiacomo to lead the practice.
"As the markets become more complex, and as regulatory burdens grow and the cost of innovation rises, institutions are looking for specialized expertise and intellectual capital to generate operational alpha," said Charlie Marchesani, president, Global Technology and Operations, Broadridge. "Broadridge has been at the heart of countless transformation initiatives in financial services as a leading solution provider, which has given us unique operational and technology insights.
"By expanding our professional services practice we can deliver even more of that valuable knowledge to our clients in order to help them achieve efficiencies and better manage operational risks, compliance and capital. In addition, this growing expertise will reinforce the continued evolution and innovation of our industry leading technology platforms."
Broadridge's professional services practice offers transformation planning, cost optimization, risk and compliance consulting, and application development and integration services, leveraging Broadridge's global subject matter and technology expertise, as well as a strong network of external partners. The practice will leverage solutions from Broadridge in an open architecture environment, providing best-of-breed components to support business and operating model transformation.
According to a survey conducted by The Economist Intelligence Unit and sponsored by Broadridge late last year, more than three-quarters (77 percent) of financial institutions globally are altering their business models as a result of recent changes in regulation and market structure.
Industry-veteran hired to expand practice
Broadridge has hired Erik DiGiacomo to lead the company's growing professional services practice. He joins Broadridge with 20 years of experience in technology, operations and consulting within financial services, including 10 years at JPMorgan Chase, where he held senior operations roles. Mr. DiGiacomo has experience leading large-scale transformation projects at major financial institutions due to mergers and regulatory and structural reforms, and has helped emerging firms establish new operating models to achieve growth.
In his new role at Broadridge, he will expand the company's operations and technology professional services practice, leveraging a growing team and the company's decades of insight and experience to deliver core solutions to financial institutions globally.
Mr. DiGiacomo will report to Arun Sharma, chief operating officer of Broadridge's Global Technology and Operations business unit. The business unit provides technology and trade processing solutions to hundreds of investment banks, broker-dealers and hedge funds and processes an average daily volume of over $5 trillion of equity and fixed income trades.