LAKE SUCCESS, NY AND ANDOVER, MA, March 16, 2009 — The Investor Communication Solutions division of Broadridge Financial Solutions, Inc. (NYSE:BR), a leading global provider of technology-based outsourcing solutions to the financial services industry, and NewRiver, Inc. – creators of the leading central repository of mutual fund documents and data for financial services firms – today announced an agreement, whereby Broadridge will exclusively offer NewRiver’s Prospectus Express and Virtual Document Warehouse products for pre-sales and first-dollar deliveries in the brokerage market. This agreement will allow Broadridge to deliver a summary prospectus solution to the brokerage industry that helps its clients meet the requirements of the SEC’s recently approved Summary Prospectus rule.
Prospectus Express is the industry's only comprehensive Web-based data warehouse, and Virtual Document Warehouse is the industry’s only comprehensive, up-to-date database of print-ready, PDF format prospectus and supplement documents. Both products are sourced daily from EDGAR - the SEC’s securities filing database. Prospectus Express is currently used by nearly 100 brokerage firms servicing more than 50 million investors. With Prospectus Express, Broadridge can now offer a solution that not only makes the summary prospectus available online, but also links directly to the statutory prospectus in support of the SEC’s requirement for layered disclosure.
Virtual Document Warehouse (VDW), the companion product to Prospectus Express, provides a comprehensive library of print-ready summary prospectuses (via PDF) with links to the corresponding statutory prospectus. Using VDW, Broadridge will be able to fulfill first-dollar delivery requests using print-on-demand rather than traditional pick-and-pack processes, thereby creating efficiencies for investment companies and brokers.
“The SEC’s Summary Prospectus Rule promotes more robust online disclosure and may better serve the needs of investors, as well as investment companies and brokers,” said Lyell Dampeer, President, Investor Communication Solutions US, Broadridge. “E-delivery provides another obvious option for investors to receive disclosure documents in a timely manner and in a form that may be more appropriate for their needs. We are excited about strengthening our partnership with NewRiver in order to address these critical industry developments and, more importantly, to better meet the needs of our entire client base.”
Broadridge and NewRiver teamed for e-delivery of confirming and first-dollar prospectuses five years ago, and during 2008, worked together to deliver seven million first-dollar prospectuses electronically to the brokerage industry. This new five year exclusive agreement accelerates Broadridge’s move to print-on-demand services for first-dollar deliveries on behalf of broker-dealers. Using NewRiver technology will also allow Broadridge to increase its service options to its clients and their customers through greater digital print-on-demand and e-delivery models.
“This agreement is a logical evolution of our ongoing relationship with Broadridge and our success in providing investors with a comprehensive, up-to-date database of disclosure documents to assist in electronic delivery of regulatory documents,” said Russ Planitzer, CEO and Chairman of NewRiver, Inc. “Because of the SEC’s Summary Prospectus Rule, firms can better meet the needs of their customers by delivering prospectuses in the form and length they desire. For the industry, that means even greater cost savings through e-delivery growth and by shifting to a digital, print-on-demand model.”
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America and processes on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 14 countries.
For more information about Broadridge, please visit www.broadridge.com.
JC Public Relations, Inc
Broadridge Financial Solutions, Inc.