Industry

Broadridge® Acquires CAESAR

Broadridge Strengthens Advisor Compensation Capabilities

Acquisition of Financial Database Services, Inc. Extends Broadridge’s Wealth Management Product Suite

NEW YORK, N.Y. – September 3, 2019  Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index, today announced that it has acquired Financial Database Services, a trusted provider of compensation management, compliance and advisor onboarding solutions for the wealth management industry. The acquisition expands Broadridge’s current market leading advisor compensation management capabilities and underscores its commitment to bringing value-added technology solutions to the wealth management industry.

“The acquisition of Financial Database Services is the latest example of Broadridge expanding our wealth capabilities and growing our client base,” said Michael Alexander, head of North American Wealth and Capital Markets Solutions for Broadridge. “Compensation management and compliance are key industry areas in need of transformation, and we look forward to extending our industry leading capabilities.”

Financial Database Services, the developer of the CAESAR suite of products, provides a modular suite of compensation and compliance tools to the marketplace, including advisor onboarding and analytics solutions. With the SEC’s recently adopted Regulation Best Interest rule, the solutions strengthen Broadridge’s position to help clients with adoption and compliance.

“We are excited to become part of industry leader Broadridge and to work together to continue to bring innovative solutions to a greater number of clients,” said David Woltman, President of Financial Database Services.

Terms of the deal were not disclosed.

About Broadridge

Broadridge Financial Solutions, Inc. (NYSE: BR) a $4 billion global Fintech leader and a member of the S&P 500, is a leading provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers globally. Broadridge’s investor communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than US $5 trillion in fixed income and equity trades per day. Broadridge employs over 11,000 full-time associates in 18 countries.

Investors:

W. Edings Thibault
Head of Investor Relations
Broadridge Financial Solutions
+1 516-472-5129
edings.thibault@broadridge.com

Media:

Tina Wadhwa
Broadridge Financial Solutions
+1 212-973-6164
tina.wadhwa@broadridge.com

 

 

Compliance, Books & Records and Holds

Financial Database Services recently hosted a CAESAR Focus Group with clients around the theme of Compliance where we discussed Books & Records, Hold Recommendations and Compliance Reporting.

One of the items discussed in detail was the need for enhanced tracking of changes made to investment objectives, above and beyond CAESAR’s compliancecurrent data tracking for Books & Records. The common need was for Back Office staff to define what the client’s objective was at the time of the trade for regulatory audits.

FDS has had several internal conversations around this need, and has added a new task to our 2013 product development funnel. At a high level, this new feature will link the client’s investment objective to a trade as it is loaded into CAESAR, manually or from a file. More information will be provided as we finish the Design Document and make it available to you for retrofit.

Another item that came up in the webinar was Hold Recommendations. CAESAR currently has a “Note” features at the Rep, Branch and Trade level. Based upon our discussion, we determined that adding Notes at the client level would be a good place to document Hold Recommendations, as well as other free form notes on an account. This idea has been submitted to our 2013 product funnel, and is in development.