Broadridge acquires M&T Bank's trade processing business
Broadridge Financial Solutions, Inc. (BR) has completed its acquisition of the trade processing business of the Wilmington Trust Retirement and Institutional Services unit of M&T Bank Corporation (MTB).
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The acquired business is being combined with Broadridge's Matrix Financial Solutions, a best-in-class mutual fund and ETF trade processing platform that that will service more than $300 billion in assets under administration after giving effect to this transaction.
Broadridge announced its agreement to acquire the business on January 21, 2015. Terms were not disclosed.
"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," said Gerard F. Scavelli, President of Broadridge's Mutual Funds and Retirement Solutions Group. "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."
The acquired trade processing business will be integrated into the Matrix Financial Solutions business of Broadridge's Mutual Funds and Retirement Solutions Group.