Global fintech company Broadridge Financial Solutions Wednesday said it has entered into as agreement to purchase the retirement plan custody and trust assets from TD Ameritrade Trust Company, a move that will unlock new growth opportunities and serve a broader set of retirement stakeholders, according to a news release.
The acquisition will expand Broadridge's suite of solutions for the growing qualified and non-qualified retirement plan services market and the support it provides for third-party administrators, financial advisors, record-keepers, banks and brokers, the company said.
Terms of the deal were not disclosed. The transaction is expected to be completed in the second quarter of the calendar year, subject to customary closing conditions and regulatory approvals, the release said.
The release said the acquisition represents the continued expansion of Broadridge's Matrix Financial Solutions, it’s mutual fund and ETF trade processing platform for the retirement industry with access to more than 25,000 funds. Upon closing of the transaction, Matrix is expected to have about $420 billion in assets under administration and over 118,000 plan accounts in custody.