Managed support services: Broadridge

 

In volatile times, robust, flexible and efficient managed support services technology and infrastructure are essential in helping firms maintain their operations. Despite Covid-19 pandemic-related market volatility causing a surge in trading volumes in 2020, with equity, fixed income and option trading up 150–200% year-on-year, Broadridge’s clients were insulated from the effects through well-established business continuity procedures built into its technology and operations offerings. The firm’s agile and scalable Business Process Outsourcing (BPO) operating model is trusted to handle peak volumes, even in the most unprecedented times. Broadridge’s operational resiliency framework was activated at the early stage of the pandemic and its teams were 100% operational around the globe within weeks of moving to mandated remote working.

Broadridge’s BPO provides operations outsourcing across the securities lifecycle, from clearing, asset servicing, securities lending, loan processing, middle-office trade support and reconciliations, to client onboarding and know your customer, cost-basis, tax, regulatory reporting and trade expense management. The firm’s customisable offering helps clients adapt to new regulations, focus on their core businesses while mutualising operations and innovation costs and increase operational efficiency, governance and risk mitigation. The BPO supports operational processing across multi-currency, multi-asset and multi-entity solutions with transparent pricing and a ‘follow-the-sun’ support structure.

Kevin Moran

As a regulated broker dealer, Broadridge differentiates itself through its robust operating model, and governance and control framework, which are attuned to industry standards. Its BPO is configured to its established front-, middle- and back-office technology, with operations experts and technology ‘super users’ to manage, scale and industrialise their businesses. Clients benefit from a predictable outcome-based cost model driven by structured price tiers and related service-level agreements and can view their data, volumes and BPO processing through a suite of proprietary oversight tools.

The firm offers three types of delivery model: wholesale ‘lift-and-shift’ managed services; staff augmentation; and BPO on Demand, a hybrid solution that combines a lighter managed service offering with flexible staff augmentation to scale resources during peak periods.

Since winning this award last year, Broadridge has continued to enhance its proposition through technological innovation. The firm is using distributed ledger technology to create operational efficiencies in the $10 trillion repo market. Its distributed ledger repo offering provides a common data model and workflow for intracompany, bilateral and tri-party repo, reducing firms’ risk through the automation of complex, multiparty processes, as well as driving improvements and efficiencies in settlements, liquidity, collateral management and optimisation.

Broadridge is also bringing its BPO expertise to the alternative investments space through its private market hub for wealth. The solution aims for more efficient and transparent processing for the middle- and back-office teams, addressing common frustrations for investors and advisers such as manual processing, disparate audit trails, incomplete data and delays in pricing, valuation and reporting.

Elsewhere, through its flexible multi-asset, multi-currency offering ShadowSuite, Broadridge has added digital asset and cryptocurrency support for underserved market segments such as proprietary trading firms, market-makers and exchanges.

The judges said:

• “An excellent range of products and services, backed by impressive coverage and client flows, and an excellent response to the Covid-19 pandemic.”
• “A comprehensive offering that has made additional strides in the past year.”

Kevin Moran, Global head of business process outsourcing at Broadridge, said:

“We are delighted to be recognised in this year’s Risk Technology Awards as a best-in-class managed service provider. This recognition is a testament to our global team’s relentless focus on delivering top-tier results for our clients, proactively growing our offering to further mutualise technology and operations needs and driving operational transformation for the industry.”

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