Broadridge Financial Solutions, Inc. (BR) said Wednesday that it has signed an agreement to acquire the trade processing business of the Wilmington Trust Retirement and Institutional Services unit of M&T Bank Corp. (MTB).
Terms of the deal were not disclosed.
The acquisition will expand Broadridge's suite of solutions for the growing qualified and non-qualified plan services market and the support it provides for third-party administrators, financial advisors, record-keepers and banks.
Wilmington Trust Retirement and Institutional Services' processing business will be combined with Broadridge's Matrix Financial Solutions, a best-in-class mutual fund and ETF trade processing platform for the retirement industry with access to more than 25,000 funds. Upon closing of the deal, the combined platform is expected to have more than $290 billion in assets under administration and will leverage the deep experience of the combined operations and trust teams.
The deal is expected to be completed late in the first quarter of calendar 2015.
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