Deals Of The Day: The Latest In Wealth Management M&A - Broadridge, Ameritrade

Editorial Staff

22 April 2019

Broadridge Financial Solutions, the New York-listed fintech firm, has agreed to buy the retirement plan custody and trust assets from TD Ameritrade Trust Company, a subsidiary of TD Ameritrade Holding Company.

Financial terms were not disclosed.

The acquisition will expand Broadridge’s suite of solutions for the qualified and non-qualified retirement plan services market and the support it provides for third-party administrators, financial advisors, record-keepers, banks, and brokers, Broadridge said in a statement late last week.

The deal expands the firm’s Matrix Financial Solutions, a mutual fund and exchange-traded fund processing platform for the retirement industry with access to more than 25,000 funds.

When the transaction is closed, Matrix is expected to have about $420 billion in assets under administration and more than 118,000 plan accounts in custody.

The transaction is expected to be completed in the second quarter of the calendar year, subject to customary closing conditions and regulatory approvals. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to TD Ameritrade.