Broadridge Financial Solutions, Inc. (BR) has acquired privately-held investment accounting solutions provider QED Financial Systems, Inc. QED provides software-based investment accounting solutions, data management and outsourced investment accounting services to more than 40 institutional investors and asset managers who together have more than $1.5 trillion in assets under management. Terms of the transaction were not disclosed.
QED strongly complements the front and back office solutions that Broadridge currently provides to the global asset management community including; portfolio management, data and analytics, revenue and expense management, trade processing and shareholder communication solutions. "Incorporating this expertise aligns with our strategy to provide best-of-breed solutions for the asset management space," said President of Broadridge's Mutual Fund and Retirement Solutions division Michael Liberatore.
Broadridge's head of Revenue and Expense Management Solutions Christopher John commented, "We're pleased to welcome the QED team to Broadridge. Investment accounting is a critically important core function for asset management firms, and the combined Broadridge and QED capabilities will provide a new level of efficiency and value for our clients and the industry."
"For over 25 years, our team has built its reputation by delivering the very best in accounting solutions tailored to the needs of our specialized client base," said QED founder Joe Potesta. "We're excited to be joining Broadridge, where we'll have access to greater resources, deep expertise in hosting and managed services and extensive distribution capabilities. We look forward to delivering an enhanced suite of services for the asset management industry."
Founded in 1987, QED Financial Systems is based in Marlton, New Jersey and has 47 associates.