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Broadridge to Acquire TD Ameritrade Retirement Plan Custody and Trust Assets

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Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and part of the S&P 500® Index, today announced it has entered into a purchase agreement to acquire the retirement plan custody and trust assets from TD Ameritrade Trust Company, a subsidiary of TD Ameritrade Holding Company (Nasdaq: AMTD). The acquisition will expand Broadridge’s suite of solutions for the growing qualified and non-qualified retirement plan services market and the support it provides for third-party administrators, financial advisors, record-keepers, banks, and brokers.

The acquisition of TD Ameritrade’s retirement plan custody and trust assets represents the continued expansion of Broadridge’s Matrix Financial Solutions (“Matrix”), a best-in-class mutual fund and ETF trade processing platform for the retirement industry with access to more than 25,000 funds. This additional capacity to provide directed trustee, custody, mutual fund, and ETF trading services enables Broadridge to meet an even greater variety of client needs, unlock new growth opportunities and serve a broader set of retirement stakeholders. Upon closing of the transaction, Matrix is expected to have approximately $420 billion in assets under administration and over 118,000 plan accounts in custody.

“The TD Ameritrade trust and custody assets are a strong complement to Broadridge’s established mutual fund and retirement business, and uniquely positions us as one of the largest neutral, independent service providers of custodial and sub-custodial solutions,” said Broadridge Head of Mutual Fund and Retirement Solutions, Michael Liberatore. “The acquisition represents the next step forward in Broadridge’s strategy of serving a broader set of retirement stakeholders and unlocking new opportunities for our clients.”

“After careful consideration, we decided to exit a part of our retirement plan trust business, one that’s better served by a scale player dedicated to expanding and investing in this business. Broadridge is a leader in this space with the proven technology and experience to provide advisors with access to innovative solutions and high-level client service,” said Tom Nally, President of TD Ameritrade Institutional. “With this deal, TD Ameritrade Institutional can increase its focus on developing and delivering industry-leading technology, products and service that can help independent RIAs grow and compete.”

TD Ameritrade Institutional, a division of TD Ameritrade, Inc. that provides custody and brokerage services to more than 7,000 independent registered investment advisors, will continue offering the TD Ameritrade Retirement Plan (TDARP), a turn-key solution for advisors that combines record-keeping, administration and other plan services in one convenient bundle. TD Ameritrade Institutional will maintain its TDARP sales, service and marketing teams as well as its vendor relationships with TDARP service providers.

Terms of the deal were not disclosed. The transaction is expected to be completed in the second quarter of the calendar year, subject to customary closing conditions and regulatory approvals.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to TD Ameritrade.

 

SOURCE Broadridge Financial Solutions, Inc.

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UBS Managing Director Choo Oi Yee To Join iSTOX As Chief Commercial Officer (CCO)

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UBS Managing Director Choo Oi Yee To Join iSTOX As Chief Commercial Officer (CCO)

 

iSTOX, the first regulated platform in any major global financial center to offer end-to-end issuance, custody, and trading of digitized securities, is pleased to announce the appointment of Choo Oi Yee as its first Chief Commercial Officer (CCO).

Choo has over 20 years of experience in the investment and banking industry, most recently as Managing Director and Head of Singapore Corporate Client Solutions for UBS, where she was responsible for UBS Singapore’s investment banking business. In her new role at iSTOX, Choo will be a key member of iSTOX’s management team responsible for driving the company’s overall business growth by building its network of investors and issuers. She will join the iSTOX team in January of 2020.

“I see some truly fundamental changes on the horizon for capital markets and I believe that Singapore — and the iSTOX team — are uniquely well positioned to take advantage of them,” she said. “I’m very excited to be joining the team and look forward to helping iSTOX grow into the platform of choice for 21st century issuance and investment.”

Choo’s appointment comes at a strategically important period for the company; iSTOX has initiated plans to grow its base of issuers and investors as it works towards graduation from MAS’s Fintech Regulatory Sandbox in early 2020.

“It was clear to us that we needed someone with Oi Yee’s stature, reputation, and experience for our CCO role. Among other requirements, we needed someone with deep securities, issuance, and trading experience at a very senior level; someone with outstanding relationships with major institutional investors, business leaders, family offices, and others; and, most importantly, someone with a deep and instinctual understanding of the challenges and opportunities facing issuers and investors,” said Danny Toe, Founder and Chief Executive Officer of ICHX.

“We are pleased to welcome Oi Yee to the team as we open up applications for iSTOX investor accounts and plan an exciting issuer pipeline ahead of our projected sandbox graduation early next year,” said Darius Liu, Co-Founder and Chief Strategy Officer of iSTOX.

 

SOURCE iSTOX

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Euromoney TRADEDATA Partners With UK FinTech ipushpull to Create On-demand ‘Data-as-a-service’

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Euromoney TRADEDATA is pleased to announce a strategic partnership with ipushpull, a powerful data sharing and workflow platform.

Euromoney TRADEDATA recognises that the on-demand model is the future of data consumption, particularly within community chat and messaging networks, as part of a suite of delivery systems required to service all parts of the market that need futures and options reference data.

Through a single connection to ipushpull, Euromoney TRADEDATA can distribute data into a variety of applications including Symphony, the secure collaboration platform, with nearly half a million connected financial market users. The ipushpull platform provides Euromoney TRADEDATA with new distribution channels for secure, audited, access-controlled data delivery.

Mark Woolfenden, Managing Director of Euromoney TRADEDATA, comments:

“This is a very important integration for Euromoney TRADEDATA, as we begin to experiment with embedded, on-demand workflow functionality and delivery systems for our reference data. We recognise ipushpull as a leading exponent in data sharing workflow technology and we expect further benefits from their connections to other community messaging solutions. Also, as part of the offering, we can now offer a functionally rich Excel plugin for desktop users to access our reference data, which integrates seamlessly within users’ existing workflows. In addition, we look forward to working with ipushpull to develop a clutch of bots, to further enhance our customers’ experience in using our data services.”

Matthew Cheung, CEO of ipushpull, comments:

“We’re excited to offer Euromoney TRADEDATA new avenues to deliver and monetise their data to a variety of desktop and cloud services. We see this innovative approach as the first step towards an on-demand ‘Netflix’-style distribution model for data producers and consumers.”

 

SOURCE Euromoney TRADEDATA; ipushpull

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360 Finance’s LendingAdda Launches Diwali Offers

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Photo source: m.chinaknowledge.com

LendingAdda consumer lending marketplace owned by parent company 360 Finance (NASDAQ: QFIN) announces Diwali offer for credit card holders. On 6th October, SBI announced a bumper Diwali offer for its credit card holder; on 10th October, the State Bank of India approved a ten percent discount for its credit card users; on 14th October, LendingAdda launched the credit card function, and AMEX, SBI, Citi banks’ cards are included.

Due to India’s inefficient banking system, most people do not have a credit history, which leads to lower utilization of credit cards and limited accessible for many.

In this condition, fintech companies empower people’s lives compared with banks. LendingAdda, a digital finance platform, has integrated more diversified financial services. Its innovative data-driven and behavioral risk management models can help overcome barriers that arise from a lack of widespread and robust credit scoring.

Prantik Ray, professor of finance at XLRI-Xavier School of Management at the University of Minnesota, has stated that digital finance can be instrumental in providing credit ratings and potentially be leveraged in other areas. In essence, online finance can help create more possibilities in people’s lives.

LendingAdda evaluates a user’s credit based on big data and selects the most suitable loan and credit card product offers for consumers using intelligent matching. So far, it has offered lending services to more than 4 million Indians, and the number of borrowers is multiplying.

Most importantly, LendingAdda’s products cover almost every part of a user’s daily life: microfinance, credit cards, commercial loans, mortgages, auto loans, medical loans, education loans, etc., and its interest rate is usually lower than banks.

Additionally, LendingAdda has a higher credit line (up to 10 lakhs), which can almost always meet the borrowing needs of consumers, and the money arrival rate is less than 5 minutes, which was much faster than the bank.

With the help of LendingAdda, Moham finally got his wish of buying an iPhone for his girlfriend, which he thinks will help him bring greater happiness to his life.

How does LendingAaad help people accomplish their dreams?

Compared with many other enterprises, LendingAdda has world-class technology that enables it to offer a highly secure lending process with tailored products and services that help serve the daily lives of its users.

 

SOURCE 360 Finance, Inc.

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