Broadridge to acquire Kyndryl’s wealth tech in Canada

Rick Steves

“The combination of the SIS technology business and Kyndryl managed services with our industry-leading Broadridge Wealth Platform will further accelerate our ability to bring innovation to Canada and meet the increasingly complex needs of Canadian firms.”

Broadridge has agreed to acquire Kyndryl’s Securities Industry Services (SIS) wealth and capital markets technology platform.

The transaction is not expected to have a material impact on Broadridge’s financial results and is expected to close in the coming months subject to customary closing conditions, including regulatory approvals.

“Meeting the increasingly complex needs of Canadian firms”

Kyndril’s SIS solutions include clearing and settlement, account record keeping, tax and regulatory reporting, and integrated order management activities for Canadian financial services firms.

Karin Kirkwood, President of Broadridge Canada, said: “The partnership with Kyndryl and the acquisition of the SIS business further underscore Broadridge’s long-standing commitment to being a leading technology provider to Canadian financial services firms. The combination of the SIS technology business and Kyndryl managed services with our industry-leading Broadridge Wealth Platform will further accelerate our ability to bring innovation to Canada and meet the increasingly complex needs of Canadian firms.”

Farhaz Thobani, President of Kyndryl Canada, added: “Broadridge has been a long-standing partner and this latest collaboration is a win-win for our Canadian clients. Broadridge shares our commitment to drive technology innovation at scale, making them the right acquirer for the SIS business and bringing additional innovation to our clients.”

Kyndryl wants to partner with Broadridge Canada by providing managed services and capabilities to SIS.

Broadridge Trading & Connectivity Solutions has new President

Last month, Broadridge announced Frank Troise as the new President of Broadridge Trading & Connectivity Solutions and Vice Chairman of Broadridge Capital Markets.

Frank Troise replaces Ray Tierney at Broadridge

Taking over from Ray Tierney, who is moving into an advisory role after three years at the helm, Frank Troise is set to lead the company’s Trading & Connectivity division into a new era focused on streamlining and enhancing trading operations across the globe.

Broadridge aims to further enhance trading optimization for a wide range of clients including global banks, broker-dealers, and independent trading entities.

It was in May 2021 that Broadridge Financial Solutions acquired the provider of cross-asset trading solutions covering the full trade lifecycle in a $2.5 billion deal.

A few months later, under the leadership of Ray Tierney, Itiviti integrated its NYFIX Matching solution with the portfolio, order, and investment management system from Broadridge. That was only the first of many product integrations between Itiviti and Broadridge.

The last assignment of Ray Tierney before taking off was launching Broadridge’s global Futures and Options Software-as-a-Service (SaaS) platform as part of its efforts to expand its existing derivatives trading capabilities.

The Futures and Options Software-as-a-Service (SaaS) platform enables the delivery of new functionalities for global institutions operating in the Futures & Options agency execution business, offering a distributed architecture that enables operations from any jurisdiction and benefitting from Broadridge’s broader multi-asset class trading and operations offering.

The firm claims its F&O platform simplifies trading activities while driving scale and growth for the listed futures and options marketplace. As a comprehensive solution tailored for futures commission merchants (FCMs) and agency brokers, the platform provides order and execution management capabilities, access to a diverse range of global listed derivatives markets along with comprehensive pre-trade risk management and middle office functionality.

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