LAKE SUCCESS, New York -- January 22, 2008 -- Broadridge Financial Solutions, Inc. announced that LBBW Securities, LLC, a wholly owned subsidiary of Landesbank Baden-Wuerttemberg, is outsourcing a range of operations functions to its subsidiary, Ridge Clearing and Outsourcing Solutions, Inc. LBBW has also decided to use impact™, Broadridge's solution for fixed-income trade processing on an outsourced basis.
The only offering of its kind, Broadridge's Operations Outsourcing solution enables LBBW to outsource the labor-intensive functions relating to trade clearance, settlement, and custody while leveraging Ridge Clearing's centralized operations staff to increase economies of scale and remain an independent, self-clearing broker-dealer. This customizable solution allows LBBW the flexibility to outsource certain operations and back-office functions without altering its front office operations or impacting the customer experience.
With the majority of its business in the fixed-income sector, LBBW will also take advantage of Broadridge's best in class fixed-income processing engine, impact, to support its processing needs. Broadridge's impact provides regional and global financial institutions with real-time position and balance information, as well as trade execution, real-time settlement and clearing interfaces for domestic and foreign fixed-income securities. Impact's sophisticated financing capability and extensive support for securities processing functionality will enable LBBW to increase its overall efficiencies.
Andreas Oberem, Chairman, LBBW Securities, LLC, cites a variety of reasons why Broadridge's Operations Outsourcing solution is an ideal match for LBBW's business needs. He stated, "As a new broker-dealer we are acutely aware of the need to minimize our operating and staffing costs, but it was important for us to remain independent and self-clearing. Broadridge's Operations Outsourcing is exactly the offering we needed due to their suite of services allowing us to maintain processing control and the efficiencies of being self-clearing."
"LBBW represents the kind of firm that Broadridge is eager to provide our Operations Outsourcing services to because this solution offers LBBW and any broker-dealer the freedom to remain self-clearing and gain the considerable cost savings associated with outsourcing the labor-intensive back-office functions associated with trade clearance, settlement, and custody in a way that is seamless to its customers," said John Hogan, President and Chief Operating Officer, Broadridge.
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 16 countries.
For more information about Broadridge, please visit www.broadridge.com.