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Broadridge Financial Solutions Inc. (NYSE: BR) is a leading global provider of investor communications and technology-driven solutions for wealth management, asset management, and capital markets firms. Since its spin-off from ADP in 2007, Broadridge has been at the forefront of financial technology innovation, helping clients manage risk, achieve operational excellence, and drive growth.
Broadridge operates through two main segments: Investor Communication Solutions (ICS) and Global Technology and Operations (GTO). The ICS segment offers comprehensive solutions for proxy voting, regulatory communications, and shareholder engagement, while the GTO segment delivers advanced technology services and outsourcing solutions for trading, portfolio management, and back-office operations.
With over $6 billion in annual revenues and a presence in 21 countries, Broadridge's infrastructure supports the daily trading of more than $10 trillion of equities, fixed income, and other securities globally. The company serves a diverse clientele, including banks, broker-dealers, asset managers, wealth managers, and corporate issuers, providing the critical infrastructure needed to power investing, corporate governance, and communications.
Recent achievements highlight Broadridge's commitment to innovation and growth. The company has reported steady financial performance, including 6% organic recurring revenue growth for the second quarter of fiscal year 2024 and a reaffirmation of its annual guidance. Broadridge continues to enhance its product offerings, such as launching the Broadridge Investor Insights analytics platform to provide issuers with comprehensive investor and voting pattern data.
Broadridge also actively addresses key industry trends like the digitization of communications, mutualization of capabilities, and the evolving landscape of data and analytics. The company's strategic partnerships with financial institutions and corporate issuers worldwide further solidify its position as an industry leader.
Broadridge is a certified Great Place to Work®, employing over 14,000 associates dedicated to delivering unparalleled value to clients and fostering a culture of innovation. For more information about Broadridge and its solutions, visit their website.
Broadridge Financial Solutions (NYSE: BR) has unveiled a new technology-enabled template for Tailored Shareholder Reports, aiding compliance with the SEC's upcoming rule set to take effect on July 24, 2024. This digital solution simplifies the creation of concise, user-friendly reports for mutual funds and ETFs, providing a more efficient process that enhances investor communications. The initiative allows fund companies to automate the reporting process, reducing costs associated with paper and postage. Broadridge emphasizes the importance of digitization and operational improvements, aiming to drive savings and efficiencies for fund firms and investors alike.
Broadridge Financial Solutions (NYSE:BR) announced its participation in four investor events in March 2023. Key events include the Evercore ISI Payments & Fintech Innovators Forum on March 2, the Raymond James Institutional Investors Conference on March 6, and the Morgan Stanley Technology, Media & Telecom Conference on March 7. CEO Tim Gokey will speak at the first two events, while CFO Edmund Reese will present at the Morgan Stanley conference. Additionally, the Wolfe Research FinTech Forum will take place on March 14 with individual meetings hosted by Reese. Broadridge, a global fintech leader, generates over $5 billion in revenue and supports daily trading of more than $9 trillion in securities.
Broadridge Financial Solutions (NYSE:BR) announced a quarterly cash dividend of $0.725 per share, payable on April 5, 2023, to stockholders of record by the close of business on March 15, 2023. This reflects Broadridge's continued commitment to returning value to its shareholders. The company generates over $5 billion in revenues and supports a daily trading volume of approximately $9 trillion in securities globally. As part of the S&P 500, Broadridge plays a critical role in financial infrastructure, providing essential technology-driven solutions for banks, asset managers, and public companies.
The 5th Annual Broadridge CX and Communications survey reveals a strong link between consumer demand for enhanced customer experience (CX) and retention rates. Amid economic uncertainty, 65% of consumers are reducing spending with companies that fail to meet their CX expectations. A significant 69% seek improvements in customer experience, reflecting a rise from 35% in 2019. The survey highlights that personalization is crucial, with 54% ceasing engagement due to inadequate personalization efforts. Moreover, 42% have exited relationships post-data breaches. Companies are urged to invest in communication technologies to foster loyalty and enhance digital experiences.
Broadridge Financial Solutions (NYSE: BR) announced a strategic partnership with Point Focal on February 6, 2023. This collaboration aims to enhance portfolio analytics and provide alternative data-driven insights through Broadridge's NYFIX order-routing platform. Point Focal's analytics will deliver automated reports combining data and visual analytics, helping clients improve portfolio performance while reducing execution risk. Key features include pre-market news reports, earnings recaps, and post-market summaries. Broadridge's robust infrastructure supports $9 trillion in daily trading, catering to a wide range of financial professionals.
Broadridge Financial Solutions reported strong second-quarter results for fiscal year 2023, with recurring revenues increasing 6% and total revenues rising 3% to $1.293 billion. Diluted EPS grew 20% to $0.48, while Adjusted EPS rose 11% to $0.91. The company reaffirmed its fiscal year guidance of 6-9% recurring revenue growth and 7-11% Adjusted EPS growth. Operating income surged 57% to $108 million, contributing to an improved operating margin of 8.3%. Despite a 42% decline in event-driven revenues due to lower mutual fund proxy communication volumes, disciplined expense management and backlog conversion fostered overall growth.
Broadridge Financial Solutions (NYSE: BR) has announced a program to offer the Fi360 Accredited Investment Fiduciary® Designation Training at no cost for 100 financial professionals from underrepresented groups. This initiative is a collaboration with Envestnet and Choir, aimed at enhancing diversity within the financial sector. Candidates, particularly women and people of color, will be selected through Choir's platform. Broadridge aims to contribute to the retention and advancement of these individuals in finance. Envestnet highlights the potential for this initiative to support growth in the 401(k) marketplace, projected to triple by 2028.
On January 26, 2023, Broadridge Financial Solutions (NYSE: BR) announced a partnership with FLX Networks to enhance data and analytics services for asset management firms. This collaboration aims to simplify product offerings while mitigating risks associated with market entry. FLX will utilize Broadridge's advanced analytics to provide comprehensive market and product insights, enabling clients to improve distribution strategies and grow assets. Broadridge's robust infrastructure supports over $9 trillion in daily trading globally, and its solutions are crucial for financial transformation across various sectors.
Broadridge Financial Solutions (NYSE:BR) released its 2023 Digital Transformation and Next-Gen Tech study, revealing that 57% of financial services firms prioritize digital transformation. The study, surveying 500 executives, found 71% agree AI significantly changes their work, while 60% anticipate blockchain will be integral to financial market infrastructure within a decade. Notably, firms are now allocating 27% of their IT budgets to digital initiatives, a 16-point increase from 2022. Digital leaders see higher revenue growth as a key benefit, while firms recognize the risk of not adopting new technologies in attracting talent.
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