Broadridge Collaborates with AWS to Extend its Private Market Hub, the Industry-Leading Private Equity Blockchain Solution

Rhea-AI Summary

Broadridge Financial Solutions (NYSE: BR) announced an enhancement to its Private Market Hub platform, utilizing Amazon Managed Blockchain to streamline private equity operations. This upgrade integrates existing industry tools and automates workflows across various functions, improving efficiency and reducing costs. The platform now supports independent auditor access and features an open API architecture. By leveraging distributed ledger technology, the updated Hub aims to facilitate better communication among fund managers, investors, and administrators, addressing previous challenges in the manual investment process.

Positive

• Enhanced Private Market Hub with Amazon Managed Blockchain for improved efficiency.
• Supports independent auditor access, allowing for easier auditability.
• Integrates existing industry tools, streamlining workflows across all functions.

Negative

• None.

NEW YORK and LONDON, June 8, 2021 /PRNewswire/ -- Utilizing distributed ledger technology (DLT) to better streamline and connect the private equity ecosystem and assets, Broadridge Financial Solutions, Inc. (NYSE: BR) today released the latest evolution of its industry-leading Private Market Hub platform, using Amazon Managed Blockchain from Amazon Web Services, Inc. (AWS). The updated platform, the industry's first deployment of blockchain technology for the private equity market, now has added connectivity to existing industry tools and technologies to help further automate workflows between front-, middle- and back-office functions providing a consistent, secure, real-time view of the data.

"We are leveraging blockchain technology to drive further innovation, removing industry friction in workflows and delivering real savings in terms of cost and time, by offering seamless connectivity to critical applications and solutions that industry participants rely on," said Eric Bernstein, Broadridge's President of Asset Management Solutions. "The trends around digitization and data and analytics are only growing, and digital assets mark the start of an exciting new era for the private markets industry and fund managers and investors alike, accentuating the need to access best-in-class products to address the evolving landscape."

"We are excited to support Broadridge's Private Market Hub, which accelerates the digitization of a critical part of the financial services infrastructure," said Saman Michael Far, VP, Financial Services Technology, Amazon Web Services. "Private Market Hub's use of Amazon Managed Blockchain, a fully managed blockchain service, allows us to help Broadridge scale efficiently and more effectively serve its customers."

Bringing together private equity ecosystem participants, Private Market Hub not only reduces friction for fund managers, investors and administrators, but also allows for easier auditability. Funds can manage, communicate and engage with investors and other stakeholders with far greater efficiency. These innovations are enabled by distributed ledger technology, which streamlines traditionally disconnected and inefficient processes and facilitates visibility and trust. 

Making private investments is a highly manual and time-intensive process for all parties involved, due to disconnected communication and data-sharing channels. For funds, managing investor communications and other documents is a burdensome task and functions for managing processes like capital calls are both time- and resource-intensive. Back-office reconciliation between systems often requires extensive manual steps and, as a result, there is no single view of fund performance and investor details.

The newest version of the Private Market Hub solves these challenges and extends the feature set available to platform participants, including independent auditor access, and adding connectivity to existing industry tools and technologies via Private Market Hub's open API architecture.

About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $4.5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge's technology and operations platforms underpin the daily trading of on average more than U.S. $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work^®, Broadridge is a part of the S&P 500^® Index, employing over 12,000 associates in 17 countries. For more information about us and what we can do for you, please visit www.broadridge.com.

Media Contacts:

North America
Matthew Luongo
Prosek Partners
+1 646-818-9279 
mluongo@prosek.com 

Europe
Hannah Polson
Cognito
+44 (0) 7974244217
BroadridgeEMEA@cognitomedia.com 

View original content:http://www.prnewswire.com/news-releases/broadridge-collaborates-with-aws-to-extend-its-private-market-hub-the-industry-leading-private-equity-blockchain-solution-301307063.html

SOURCE Broadridge Financial Solutions, Inc.

FAQ

What is Broadridge's latest announcement regarding the Private Market Hub on June 8, 2021?

Broadridge enhanced its Private Market Hub platform using Amazon Managed Blockchain to improve efficiency and reduce costs in the private equity sector.

How does the Private Market Hub improve the private equity investment process?

The platform automates workflows, integrates existing industry tools, and enhances communication among fund managers and investors.

What technology is used in the updated Private Market Hub by Broadridge?

The updated Private Market Hub utilizes Amazon Managed Blockchain to streamline processes in the private equity market.

What are the benefits of using Broadridge's Private Market Hub for investors?

Investors benefit from reduced friction in communication and improved auditability due to the integration of distributed ledger technology.