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.
Broadridge Financial Solutions (NYSE: BR) has launched a new proxy voting service in Austria as part of its Direct Market Solutions (DMS) product suite. This innovation improves operational efficiency by extending the voting window and research period for investors by an average of four days. The automated system enhances communication between investors and issuers, enabling digital submission of voting instructions. Broadridge is committed to driving local market efficiencies, complementing its global voting solutions, which cover over 100 markets. The company reported revenues of $5 billion.
Hamburg Commercial Bank has successfully migrated its SEPA payments business to a cloud-based platform provided by Broadridge Financial Solutions. This transition, completed in under 12 months, follows the earlier migration of high-value TARGET and international SWIFT payments. The new system achieves an operational efficiency with a straight-through processing rate of 99.9%, significantly reducing manual intervention and enhancing service for European customers. This transformation aligns with banking trends towards modern, scalable technology solutions.
Broadridge Financial Solutions (NYSE: BR) has partnered with Coinbase to enhance crypto trading access and liquidity for institutional investors. This collaboration integrates Coinbase Prime with Broadridge's NYFIX order-routing network, allowing clients to streamline order flow and access multiple crypto liquidity venues. The solution, initially available to US clients, aims to lower participation barriers amid growing institutional adoption of crypto. Broadridge's extensive market reach will connect over 2,000 clients to this new trading capability, fostering more efficient crypto asset management.
Broadridge Financial Solutions (NYSE: BR) achieved a notable milestone by ranking #10 on the 2022 IDC FinTech Rankings, moving up four spots from the previous year. This recognition, awarded for the eighth consecutive year, highlights Broadridge as a "Fast Track FinTech" for consistent financial growth. The rankings assess global providers of financial technology based on revenues from the financial services sector. With revenues of $5 billion and a market presence serving over $9 trillion in daily trades, Broadridge remains a key player in transforming the financial services industry.
Broadridge Financial Solutions (NYSE: BR) launched a new event notification and direct vote execution service in Denmark, enhancing corporate governance standards. In partnership with Euronext Securities Copenhagen, this service streamlines proxy voting processes for banks and asset managers, fostering compliance with the Shareholder Rights Directive (SRD II) and Denmark's updated Companies Act. The initiative aims to boost shareholder engagement by eliminating the need for Power of Attorney documents, thus improving the proxy voting ecosystem. Broadridge remains committed to expanding its market coverage and enhancing client experiences.
Broadridge Financial Solutions (NYSE:BR) has launched Wealth InFocus, a next-generation wealth communications experience aimed at enhancing investor engagement and advisor-client connections. The service, initially adopted by Cetera Financial Group, has received positive feedback, with 78% of pilot clients preferring it over traditional methods. Wealth InFocus consolidates critical account information, streamlining investor communications across channels. Broadridge emphasizes its commitment to transforming wealth management through innovative digital solutions, enhancing operational efficiency while improving client outcomes.
Broadridge Financial Solutions has launched a multi-jurisdictional version of its Private Market Hub platform, now supporting North American funds. This platform, the first of its kind in private equity, utilizes blockchain technology to streamline operations across jurisdictions. Northern Trust is the cornerstone client now live on the platform, which comes amid significant growth in PE fundraising, surpassing $400 billion.
With over $2.9 trillion in assets under management, the platform enhances workflow efficiencies and data management for fund managers and stakeholders.
Broadridge Financial Solutions (NYSE: BR) has partnered with DekaBank to implement solutions for the Shareholder Rights Directive II (SRD II) in Germany. This collaboration enhances shareholder communications and boosts efficiency for DekaBank's extensive client network across Europe. The SRD II aims to improve transparency and shareholder engagement in corporate governance. Broadridge's Global Proxy Voting and Shareholder Disclosure Hub will provide cutting-edge technology to meet regulatory compliance and improve operational efficiencies.
Broadridge Financial Solutions (NYSE: BR) has appointed Eileen K. Murray as an independent member of its board of directors, effective September 1, 2022. With Ms. Murray's extensive background in financial services, she brings valuable expertise to the board. Currently the Chair of FINRA, her previous roles include Co-CEO at Bridgewater Associates and various senior positions at Morgan Stanley. The board now consists of 12 members, 10 of whom are independent, which is expected to enhance Broadridge's strategic direction in a digitally transforming financial landscape.
Broadridge Financial Solutions (BR) reported a 16% growth in recurring revenue for fiscal year 2022, reaching $3.749 billion. The diluted EPS for the year was $4.55, while adjusted EPS increased by 14% to $6.46. The company achieved record closed sales of $282 million and announced a 13% increase in the annual dividend to $2.90 per share. For fiscal year 2023, Broadridge expects organic recurring revenue growth of 6-9% and adjusted EPS growth of 7-11%.