Contact Information: Contact Information Investors: Marvin Sims Broadridge Financial Solutions, Inc. Vice President, Investor Relations (516) 472-5477
Broadridge Signs Neuberger Berman Broker-Dealer to Three-Year Clearing Services Contract
| Source: Broadridge Financial Solutions, Inc.
LAKE SUCCESS, NY--(Marketwire - 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.
About Broadridge
Broadridge Financial Solutions, Inc., with over $2.2 billion in revenues in
fiscal year 2008 and more than 40 years of experience, is a leading global
provider of technology-based outsourcing solutions to the financial
services industry. Our systems and services include investor communication,
securities processing, and clearing and outsourcing solutions. We offer
advanced, integrated systems and services that are dependable, scalable and
cost-efficient. Our systems help reduce the need for clients to make
significant capital investments in operations infrastructure, thereby
allowing them to increase their focus on core business activities. For more
information about Broadridge, please visit www.broadridge.com.
About Neuberger Berman
Neuberger Berman, LLC is an investment advisory company serving
individuals, families, and taxable and non-taxable institutions with a
broad range of investment products, services and strategies. Neuberger
Berman engages in wealth management services including private asset
management, tax and financial planning, and personal and institutional
trust services; and mutual funds, institutional management and alternative
investments. For further information about Neuberger Berman please visit
www.nb.com.
Forward-Looking Statements
This press release and other written or oral statements made from time to
time by representatives of Broadridge may contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Statements that are not historical in nature and which may be
identified by the use of words like "expects," "assumes," "projects,"
"anticipates," "estimates," "we believe," "could be" and other words of
similar meaning, are forward-looking statements. These statements are
based on management's expectations and assumptions and are subject to risks
and uncertainties that may cause actual results to differ materially from
those expressed. These risks and uncertainties include those risk factors
discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form
10-K for the fiscal year ended June 30, 2008 (the "2008 Annual Report").
Any forward-looking statements are qualified in their entirety by reference
to the factors discussed in the 2008 Annual Report. These risks include:
the success of Broadridge in retaining and selling additional services to
its existing clients and in obtaining new clients; the pricing of
Broadridge's products and services; changes in laws affecting the investor
communication services provided by Broadridge; changes in laws regulating
registered securities clearing firms and broker-dealers; declines in
trading volume, market prices, or the liquidity of the securities markets;
any material breach of Broadridge security affecting its clients' customer
information; Broadridge's ability to continue to obtain data center
services from its former parent company, Automatic Data Processing, Inc.
("ADP"); any significant slowdown or failure of Broadridge's systems;
changes in technology; availability of skilled technical employees; the
impact of new acquisitions and divestitures; competitive conditions;
overall market and economic conditions; and any adverse consequences from
Broadridge's spin-off from ADP. Broadridge disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.