Broadridge to Acquire Trade Processing Business

Broadridge Financial Solutions has signed an agreement to acquire the trade processing business of the Wilmington Trust Retirement and Institutional Services (WTRIS) unit of M&T Bank, the firm announced Jan. 21. The acquisition will expand Broadridge’s suite of solutions for the growing qualified and non-qualified plan services market and the support it provides for TPAs, financial advisors, record keepers and banks.

WTRIS’s processing business will be combined with Broadridge’s Matrix Financial Solutions. According to the announcement, the addition of WTRIS’ expertise in serving the needs of complex retirement plans to Matrix’s efficient back-end technology will enable Broadridge to meet an even greater variety of client needs, including supporting larger plans. 

Upon closing of the transaction, which is anticipated late in the first quarter of 2015, the combined platform is expected to have more than $290 billion in assets under administration. Terms were not disclosed.