Broadridge and Northern Trust

Situation

In the increasingly competitive financial services landscape, small and midsized bank’s trust departments and independent trust companies face significant challenges including client retention, operational efficiency, and keeping pace with regulatory change. Reconciling with multiple custodians to obtain a full picture of their assets and manual processes to wire funds to multiple investment managers to settle mutual fund trades are common problems these institutions must grapple with.

Solution

Northern Trust, in collaboration with Broadridge’s Matrix Financial Solutions platform, now offers a mutual fund clearing solution for banks and trust companies that provides the ability to trade mutual funds on a leading technology platform. This solution gives customers the flexibility to trade on a single platform for all their Northern Trust and other mutual funds. We access the National Securities Clearing Corporation’s (NSCC) leading trading platform by volume to offer a true open architecture trading solution that completes more than 25 million trades annually, offering more than 30,000 mutual funds from more than 650 fund families.

Benefits

Small and midsized financial institutions no longer need to spend time reconciling holdings and cash with multiple vendors as we provide consolidated settlement, reducing risk and processing time while increasing operational efficiencies. Leveraging this integrated, flexible and scalable solution allows financial institutions to focus on growing their business and managing their assets.