In an effort to expand its core front-to-back office wealth capabilities, Broadridge Financial Solutions acquired Rockall, a provider of securities-based lending and collateral management solutions for wealth management firms and commercial banks, the firm announced this week. Broadridge now will be able to provide this technology to help its clients manage risk as well as “optimize” their securities lending and financing needs.
Two “key” elements Rockall brings to Broadridge clients are its cloud-based wealth lending solution, Fastnet, which automates the evaluation, monitoring and management of securities-based lending, and its enterprise banking collateral management solution, Collate, that allows for enhanced credit risk management, regulatory reporting, process simplification and capital efficiency.
“Securities-based lending and collateral management are key industry areas in need of innovation,” said Michael Alexander, Broadridge’s head of North American Wealth and Capital Markets, in a statement. “We look forward to leveraging next-generation solutions to clients while mutualizing key front-, middle- and back-office functions.”
The company noted that securities-based lending has been seen as an essential offering for wealth management firms “to improve revenues and enhance retention of both advisors and investors.” However, it has been seen as having a “cumbersome infrastructure” with systems dependent on manual processes.
Broadridge recently launched a new app that makes investor voting easier. The app creates a streamlined experience through a single personalized dashboard that allows investors to vote and equips them with new tools and educational resources designed to drive more meaningful engagement.
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