Broadridge Financial buys retirement services company
Broadridge Financial Solutions Inc. has completed its purchase of the trade processing functions of Wilmington Trust Retirement and Institutional Services for an undisclosed amount, officials said Monday. A Broadridge plant in Edgewood is seen here on May 9, 2012. Credit: Newsday / Alejandra Villa
Broadridge Financial Solutions Inc. has completed its purchase of the trade processing functions of Wilmington Trust Retirement and Institutional Services for an undisclosed amount, officials said Monday.
Wilmington is a unit of M&T Bank in Buffalo. The acquisition will allow Lake Success-based Broadridge to expand the services it provides to financial institutions and advisers that manage pensions and other retirement plans.
Gerard F. Scavelli, president of Broadridge's mutual fund and retirement services unit, said Wilmington would be combined with Broadridge's Matrix Financial Solutions, which processes transactions for retirement accounts.
Separately, the local company announced a new service to help stock brokerages and investment banks manage trade-related fees.
Both announcements were made before Monday's stock market opening. In early trading, Broadridge shares fell 14 cents to close at $54.01 on the New York Stock Exchange.
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