Broadridge Financial Solutions has signed an agreement to acquire the trade processing business of Wilmington Trust Retirement and Institutional Services. The latter is a unit of M&T Bank Corporation, a financial holding company headquartered in Buffalo, N.Y.
Upon closing of the transaction, which is expected in the first quarter of 2015, the new entity created from the combined platforms will have more than $290 billion in assets under administration.
The terms of the deal were not disclosed.
Wilmington’s processing business will be combined with Broadridge’s mutual fund and ETF trade processing platform, Matrix Financial Solutions. The platform provides access to more than 25,000 funds for the retirement industry.
The acquisition will expand Broadridge’s suite of solutions for the growing qualified and non-qualified retirement plan services market and allow the company to meet an even greater variety of client needs and to support larger plans, said the firm.