Broadridge Financial to buy Manhattan firm

Broadridge Financial Solutions Inc. is buying a Manhattan-based supplier of compensation and other advisory services to stock brokerages and investment banks.

The Lake Success-based public company did not disclose the value of the transaction to purchase M & O Systems Inc. It said M & O would be renamed Broadridge Advisory Compensation Solutions.

M & O has 40 workers, all of whom will be joining Broadridge, according to a spokesman.

Broadridge is best known for distributing proxy statements, annual reports and other documents to investors on behalf of public companies. It also processes financial transactions for banks.

The company employs about 2,000 people locally.

The announcement was made before the stock market opened. Broadridge shares closed down 9 cents to $64.03 on the New York Stock Exchange.