Broadridge Financial Solutions is to acquire the trade processing business of M&T Bank's Wilmington Trust Retirement and Institutional Services unit, expanding its offering for the growing retirement services market and creating a platform with $290 billion in assets under administration.

Broadridge Financial Solutions is to acquire the trade processing business of M&T Bank's Wilmington Trust Retirement and Institutional Services unit, expanding its offering for the growing retirement services market and creating a platform with $290 billion in assets under administration.

The unit will be combined with Broadridge’s Matrix Financial Solutions, a mutual fund and ETF trade processing platform for the retirement industry with access to over 25,000 funds.

Broadridge's president and chief executive, Richard Daly, said the acquisition is in line with the bank's strategy for “tuck-in acquisitions.”

“This transaction is a great opportunity for both companies, and enables us to further strengthen our core institutional retirement business including our collective trust program, employee stock ownership plans, US charitable gift trust program, and fiduciary duties associated with defined benefit and defined contribution plans,” said M&T executive vice president, Bill Farrell.

The transaction is expected to be completed late in the first quarter of 2015, subject to closing requirements and regulatory approvals. Terms of the deal were not disclosed.