Broadridge has reached an agreement with undisclosed terms to acquire the trade processing business of the Wilmington Trust Retirement and Institutional Services (WTRIS) unit of M&T Bank Corporation, which is expected to close late in this first quarter, pending customary approvals.
WTRIS’ processing business will be combined with Broadridge’s Matrix Financial Solutions, which is a mutual fund and ETF trade processing platform for the retirement industry with access to more than 25,000 funds. The acquisition will broaden Broadridge’s offering in the retirement space, serving both qualified and non-qualified plans as well as the related third-party administrators, financial advisors, record-keepers and banks. Specifically, WTRIS will help Broadridge serve larger plans and provide a more robust set of capabilities for non-qualified deferred compensation plans.
“The Matrix trade processing platform currently focuses on the micro and small plan market, where the WTRIS platform serves the trade processing needs of mid to large sized plans,” explains Cindy Dash, chief operating officer of Matrix. “The combined capability will support DCIO (Defined Contribution-Investment Only) and qualified/non-qualified plans of all sizes, and have more than $290 billion in assets under administration.
“The additional trading efficiencies, scalability and managed account capabilities are a strong strategic fit and will help us serve the needs of the growing retirement services market. We’re also fortunate to have a staff of highly-trained and tenured associates join us from WTRIS’ Arizona and Delaware locations. Their expertise in supporting the non-qualified and large plan markets will complement Matrix’s extensive trade processing experience, creating a broadened capability as the solutions and expertise are combined. “