Broadridge Financial Solutions, a fintech firm based in the US, has purchased wealth management technology provider Financial Database Services in an effort to strengthen its adviser compensation management capabilities.
The deal consideration was not revealed.
Financial Database Services delivers compensation management, along with compliance and adviser onboarding solutions. The company is the developer of the CAESAR product suite.
Broadridge noted: “With the SEC’s recently adopted Regulation Best Interest rule, the solutions strengthen Broadridge’s position to help clients with adoption and compliance.”
Broadridge has been on an acquisition spree this year.
A month later, Broadridge acquired the rights of Northern Trust’s blockchain-based private equity (PE) asset servicing platform.
Earlier this year, Broadridge purchased certain technology solutions from PivotData, as well as its partner Sol Hedge.
Commenting on the new deal, Broadridge head of North American wealth and capital markets solutions Michael Alexander said: “The acquisition of Financial Database Services is the latest example of Broadridge expanding our wealth capabilities and growing our client base.
“Compensation management and compliance are key industry areas in need of transformation, and we look forward to extending our industry leading capabilities.”