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Broadridge - Next Generation Wealth and Asset Management Operations Services

Vendor Analysis

by Andy Efstathiou

published on Jan 29, 2018

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Report Overview:

This NelsonHall assessment analyzes Broadridge's offerings and capabilities in W&A operations services. Broadridge is one of a number of W&A operations services companies analyzed in NelsonHall’s comprehensive industry analysis programs. 

Who is this Report for:

NelsonHall’s Next Generation Wealth and Asset (W&A) Management Operations Services Vendor Assessment for Broadridge is a comprehensive assessment of Broadridge’s Next Generation W&A services offerings and capabilities designed for: 

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for W&A services RFPs 
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers 
  • Financial analysts and investors specializing in the support services sector. 

Scope of this Report:

The report provides a comprehensive and objective analysis of Broadridge’s W&A operations services offerings, capabilities, and market and financial strength, including:

  • Identification of the company’s strategy, emphases and new developments 
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the  company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

Broadridge delivers three key sets of services to the W&A operations marketplace.  

  • Wealth BPS 
  • Asset BPS
  • Consulting and ITS 

Broadridge began in the W&A BPO business in 2004, when it acquired a  clearing business from Bank of America, to provide white label clearing  and broker-dealer services to self-clearing brokers. The business grew rapidly from 2006 to 2010; however, because it operated as a correspondent clearing firm it required large amounts of capital. To free up the capital, Broadridge sold the business to Penson Financial Service. At the same time, Penson outsourced its processing services back to Broadridge. After the sale, Broadridge doubled its processing services, by providing Penson with BPO and technology services. Ultimately, Penson was sold to Apex, which remains a client of Broadridge BPO and provides Broadridge BPO with servicing business for 100 broker-dealers.   

Broadridge began its asset management services business with the 2011 acquisition of Paladyne. Paladyne was a software vendor to hedge funds, asset managers, fund administrators, and prime brokers. It provided a comprehensive platform which included multi-asset class order and portfolio management tools; reference data, pricing and valuation management applications; and data warehousing for firm-wide data aggregation and reporting. 

Broadridge began to productize its professional services offerings in 2014 to support its clients’ move towards the use of digital technologies in their environments. The growth of this set of offerings has been organic with the hiring of skilled employees. Technologists in this line of business also work on Broadridge’s proprietary software offerings. 

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