Combined service provides cost basis tracking consistent with TARP
requirements and performance calculations consistent with GIPS(R)
LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that
PRIMEVEST Financial Services, a leader among broker-dealers dedicated to
serving financial institutions, has implemented Broadridge's Aspire
Portfolio Accounting and Performance Reporting service. PRIMEVEST can
now use the integrated service both to comply with new IRS requirements
and to provide sophisticated performance reporting to their more than
400,000 accounts.
"As part of our commitment to deliver unparalleled support for financial
institutions, the incorporation of the Aspire Portfolio Accounting
capability was the next logical step in the continued evolution of our
technology," said Catherine Bonneau, president and CEO of PRIMEVEST.
"Ahead of the IRS deadline, this enhancement makes it easier for our
clients to meet all the IRS requirements and have the added benefit of
flexible performance reporting. By working closely with Broadridge for
these critical functions, we are much more confident in our ability to
stay ahead, despite the rapidly changing landscape."
"PRIMEVEST is known as an innovator and a broker-dealer industry
leader," said Rob Enz, general manager, Securities Industry Software,
Securities Processing Solutions - U.S., Broadridge. "We're very proud to
have them as the first client to take advantage of our new combined
accounting and performance service."
"Our Aspire Portfolio Accounting and Performance Reporting engine
provides tremendous value for firms that take advantage of the combined
offering. With a single solution, a single database, and a single
reconciliation operation, our clients can achieve both Troubled Asset
Relief Program (TARP)- compliant cost basis reporting and Global
Investment Performance Standards (GIPS)-compliant performance
reporting," Mr. Enz added.
The Aspire service delivers sophisticated performance reporting,
advanced portfolio analytics, and lot-level cost basis tracking and
reporting in a single package. Broadridge's Aspire Portfolio Accounting
and Performance Reporting service offers tremendous value to
broker-dealers upgrading their cost basis tracking to comply with new
regulations, and who would like to augment and differentiate their
services in the process.
Broadridge's Aspire Portfolio Accounting and Performance Reporting
service can use any books-and-records back-office solution. It supports
multiple currencies and subaccounts, and it provides dramatically higher
capacity than ever before available -- at substantially lower
cost-per-account.
About PRIMEVEST
Founded in 1984, PRIMEVEST Financial Services, Inc., is an independent,
self-clearing broker-dealer serving the clients of more than 500
financial institutions throughout the United States. PRIMEVEST delivers
innovative investment and insurance solutions, comprehensive support and
a flexible program structure. From technology to compliance support -
everything PRIMEVEST does is with the financial institution in mind.
PRIMEVEST is a member of the Depository Trust and Clearing Corporation
(DTCC), the Securities Investors Protection Corporation (SIPC), and the
Financial Industry Regulatory Authority (FINRA). For more information,
see www.primevest.com.
About Broadridge
Broadridge is a technology services company focused on global capital
markets. Broadridge is the market leader enabling secure and accurate
processing of information for communications and securities transactions
among issuers, investors and financial intermediaries. Broadridge builds
the infrastructure that underpins proxy services for over 90% of public
companies and mutual funds in North America, processes more than $3
trillion in fixed-income and equity trades per day, and saves companies
billions annually through its technology solutions. For more information
about Broadridge, please visit www.broadridge.com.
Source: Broadridge Financial Solutions, Inc.