Broadridge Financial Solutions has finalized its acquisition of Wilmington Trust Retirement and Institutional Services, a unit of M&T Bank Corp., expanding the company's reach into the large-plan market.
Wilmington Trust will be folded into Matrix Financial Solutions, the institutional retirement business of Broadridge.
Matrix markets its TrueOpen platform to advisors and administrators of institutional retirement plans, offering access to over 25,000 mutual funds and exchange-traded funds, back-office support, plan-monitoring capabilities, and annual reports detailing plan metrics for sponsors.
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The acquisition of Wilmington Trust will bring the total retirement assets overseen on the TrueOpen platform to $300 billion.
Broadridge's Matrix platform serves small to medium-sized retirement plans, explained Richard Daly, CEO of Broadridge, in a February earnings call to analysts.
Wilmington Trust services medium to larger-sized plans, he said.
The acquisition will also give Broadridge's Matrix unit an expanded presence in the non-qualified plan market and the multiemployer plan market, said Daly.
"Although our current Matrix business model and the acquisition are very similar, there are client profile differences allowing Broadridge to further engage a growing retirement services market," Daly said during the call, a transcript of which was provided in an SEC 8-K filing.
With the purchase of Wilmington Trust, the Matrix platform will add about 35 new relationships with third-party administrators, and approximately $50 billion in assets under administration.
Terms of the agreement were not disclosed.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
