Broadridge Financial Solutions reports developments across financial technology, investor communications, governance services, and capital markets operations. Company news commonly covers proxy voting and disclosure solutions, managed services, trading and post-trade technology, financial messaging, and platforms used by banks, broker-dealers, asset managers, wealth managers, and corporate issuers.
Recurring updates also include artificial intelligence in capital markets and wealth workflows, digital asset and tokenized securities infrastructure, LTX corporate bond trading activity, Distributed Ledger Repo, client migrations to the Broadridge Swift Service Bureau, acquisitions that expand trading capabilities, investor events, dividends, and debt financing actions.
FLX Networks has successfully raised $10 million in growth equity funding, valuing the company at approximately $50 million. The funding round was led by Barings, with participation from Allianz Life Ventures and Broadridge Financial Solutions (NYSE: BR). This investment aims to enhance FLX's technology and expand its team. Since its inception in December 2019, FLX has achieved over $1 billion in investment product sales and saved member asset managers more than $10 million in costs, demonstrating strong market confidence in its platform.
Broadridge Financial Solutions (NYSE:BR) reported first-quarter fiscal 2023 results, showcasing a 7% growth in recurring revenues to $806 million, with 9% growth in constant currency. Total revenues reached $1,283 million, an 8% increase, while diluted EPS dropped 26% to $0.42. The company reaffirmed its fiscal year 2023 guidance of 6-9% recurring revenue growth and 7-11% adjusted EPS growth. Despite a decrease in operating income and net earnings (25%), Broadridge remains optimistic about its long-term growth prospects.
Broadridge Financial Solutions (NYSE: BR) has launched a new end-to-end managed service for European asset managers to comply with the Sustainable Finance Disclosure Regulation (SFDR). Mandatory by January 1, 2023, SFDR requires consistent ESG factor disclosures in investment decisions. The solution covers Pre-contractual, Periodic, Website disclosures, and Principal Adverse Impact statements due by June 30, 2023. It offers automated data management and support in 35 languages, enhancing compliance efficiency for over 1,000 global fund groups.
Broadridge Financial Solutions (NYSE: BR) announced on October 25, 2022, the automation of Corporate Action and Dividend events for clients using the Euroclear CREST platform. This innovation streamlines processes, reduces human error, and offers cost savings for financial institutions. The new service facilitates event creation, payment processing, and settlement, enhancing operational efficiency. Broadridge's comprehensive end-to-end solution bolsters market connectivity and ensures systematic management of CREST-specific events.
Broadridge Financial Solutions (NYSE:BR) will release its first-quarter fiscal year 2023 financial results on November 2, 2022. A conference call with CEO Tim Gokey and CFO Edmund Reese will follow at 8:30 a.m. ET to discuss these results. Investors can access the live webcast on Broadridge's Investor Relations website. The results are pivotal, given Broadridge's role as a global Fintech leader with over $5 billion in revenue and significant global trading infrastructure supporting over $9 trillion in securities.
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Schwab Asset Management has become the first large asset manager to pilot a new proxy polling solution developed by Broadridge Financial Solutions. This innovative tool will allow Schwab to gauge shareholder preferences on key proxy issues related to long-term value, corporate governance, and ESG matters. Starting tomorrow, shareholders of select Schwab funds will receive the poll via email or postcard. The insights gathered will inform Schwab's proxy voting approach and policies, emphasizing their commitment to maximizing shareholder value.
Broadridge's recent whitepaper outlines a forecasted slowdown in organic growth across the global asset management industry, predicting a decline from a CAGR of 3.9% to 1.7% from 2021 to 2031. Despite this, net asset inflows are projected to increase by US$18T, raising total AUM to over USD$170T. The study identifies key shifts in competition, with individual investors expected to drive 69% of net flows, particularly towards private markets and Asia Pacific. New standards of differentiation emphasize the need for faster innovation, stronger distribution, flexible delivery, and better brand building for asset managers to succeed.
Broadridge (NYSE: BR) has announced a strategic partnership with MX to enhance digital engagement tools for wealth management firms. This collaboration will provide financial advisors with a comprehensive 360° view of their clients' financial assets and liabilities, improving the ability to offer personalized insights. The integration of MX's financial data aggregation and management solutions into Broadridge's platform aims to boost advisor productivity and promote long-term financial success for clients. Broadridge continues to innovate in the fintech sector with this initiative.