LAKE SUCCESS, New York – September 18, 2008 – Broadridge Financial Solutions, Inc. (NYSE: BR) announced today that Neuberger Berman, LLC -- a leading asset manager and one of the broker-dealer subsidiaries that is not part of the Lehman Brothers Holdings Inc. bankruptcy filing --- has signed a three-year contract with Broadridge for clearing services. Neuberger Berman, a registered introducing broker-dealer, will commence clearing through Broadridge’s Ridge Clearing on or about September 22nd.
“Broadridge supports clients through changing and demanding business cycles with safe and rapid movement of customer assets,” said Richard J. Daly, Broadridge’s Chief Executive Officer. “The speed with which we are able to convert these accounts in this environment demonstrates the fundamental strengths of our unique value proposition and the flexibility of our platform. Broadridge is capable of rapidly migrating a firm’s processing model as business needs change, whether it operates as a self-clearing firm or an introducing broker-dealer, while the firm remains on Broadridge’s processing system,” Mr. Daly concluded.
Broadridge said it believes Neuberger Berman’s business is a good fit for the low risk processing model of its Ridge Clearing business. Broadridge also stated that it will not alter any risk policies for this, or any other transaction.