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Broadridge Financial in deal with Morningstar for retirement data

Lake Success-based Broadridge said the data will help mutual fund sponsors identify advisers specializing in retirement accounts.

Broadridge Financial Solutions employees work at their Edgewood

Broadridge Financial Solutions employees work at their Edgewood investor communications facility on Thursday. Photo Credit: Johnny Milano

Broadridge Financial Solutions Inc., a provider of investor communications for companies, brokerages and mutual funds, Thursday said it is joining with financial data firm Morningstar Inc. to help asset managers sell to the retirement market. 

Lake Success-based Broadridge said that it will begin incorporating RightPond data from Chicago-based Morningstar into its analytics products used by asset managers.

Financial terms of the deal were not disclosed.

The offering will help mutual fund sponsors identify the more than 10,000 financial advisers who specialize in retirement assets.

"The retirement business continues to be a major opportunity for asset managers, but adviser product specialization and investment product shifts have changed the landscape significantly in recent years," Frank Polefrone, senior vice president of Broadridge's mutual funds data and analytics business, said in a news release. "The combination of Morningstar data and Broadridge's analytics solutions provides fund firms with the technology and precise information to pursue their best possible client opportunities."

RightPond, acquired by Morningstar in March 2016, provides tools to see where retirement fund investors are putting their money.

Morningstar offers investment advisory services and data and research on mutual funds, publicly traded companies and private capital markets.

Broadridge, Long Island's second largest public company based on 2016 revenue, was started in an East Northport bedroom 31 years ago. It now has more than 10,000 employees in 16 countries.

The company sends proxy statements, annual reports and other documents to shareholders and provides data, securities processing and other services to financial services firms.

Broadridge shares edged up 0.4 percent to close Thursday at $107.81. Its shares have gained about 58 percent in the past 12 months.


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