Broadridge is to acquire the retirement plan custody and trust assets of TD Ameritrade Trust Company, a subsidiary of TD Ameritrade Holding Company.
The acquisition will expand Broadridge’s suite of solutions for the retirement plan services market and the support it provides for third-party administrators, financial advisors, record-keepers, banks, and brokers.
The acquisition of TD Ameritrade’s retirement plan custody and trust assets is part of Broadridge’s expansion of its Matrix Financial Solutions (Matrix), a mutual fund and exchange-traded fund trade processing platform for the retirement industry.
The acquisition is expected to be completed in Q2 2019, subject to regulatory approval.
TD Ameritrade Institutional, a division of TD Ameritrade, which provides custody and brokerage services, will continue offering the TD Ameritrade Retirement Plan (TDARP), a solution for advisors that combines record-keeping and administration.
Michael Liberatore, head of mutual fund and retirement solutions, said: “The TD Ameritrade trust and custody assets are a strong complement to Broadridge’s established mutual fund and retirement business, and uniquely positions us as one of the largest neutral, independent service providers of custodial and sub-custodial solutions.”
He added: “The acquisition represents the next step forward in Broadridge’s strategy of serving a broader set of retirement stakeholders and unlocking new opportunities for our clients.”
Tom Nally, president of TD Ameritrade Institutional, commented: “After careful consideration, we decided to exit a part of our retirement plan trust business, one that’s better served by a scale player dedicated to expanding and investing in this business. Broadridge is a leader in this space with the proven technology and experience to provide advisors with access to innovative solutions and high-level client service.”
.jpg)