LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
Broadridge Financial Solutions, Inc. (NYSE:BR) today announced a unique
tax management solution providing mutual fund managers and ETF sponsors
access to data to accurately calculate state tax obligations.
Broadridge's Multi-State Tax Management solution, the first of its kind,
collects, organizes and tabulates shareholder account data across
distribution channels in all 50 states, without divulging specific
shareholder information. It enables chief financial officers and their
corporate tax managers to effectively apportion state taxes.
"Until now, a mutual fund or ETF could only estimate aggregate
shareholder positions and not effectively calculate the positions by
state. As states take a more aggressive stance in scrutinizing tax
estimates the market need for this solution became very evident to us,"
said Gerard Scavelli, President, Mutual Fund Solutions, Broadridge.
"With the extensive information available to Broadridge, we were able to
create this solution in collaboration with our clients, and solve a real
industry problem," added Mr. Scavelli.
Multi-State Tax Management streamlines the time consuming and complex
process of collecting the data and calculating taxes due across states
on a regular basis and provides increased accuracy for stronger risk and
expense management. The solution determines average asset holdings and
apportions income earned for a particular fund in each state. An
analytic dashboard makes it easy for tax managers to review asset
positions as well as income and tax obligations at a state level.
"This important tax information is available now for chief financial
officers and corporate tax managers to calculate their 2010 taxes and to
begin planning for the 2011 tax season," concluded Mr. Scavelli.
Multi-State Tax Management is the latest addition to Broadridge's Access
Data product suite, which provides enterprise data management, analysis
and reporting solutions to address challenges asset managers face in
distribution assessment, compensation management, compliance and risk
management.
In 2010, Broadridge introduced Market Intelligence for its SalesVision(R)
platform. That product also provides unprecedented information to mutual
fund and ETF managers about their competitive position in the
independent broker-dealer and registered investment advisor markets,
enabling them to make smarter decisions around the deployment of sales
and marketing resources, new product development and the strategic
direction of their businesses.
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.
About Access Data
Access Data Corp., a Broadridge Company, is a leader in enterprise data
management, analysis and reporting for the financial services industry.
Today over 50 leading mutual fund firms and ETF sponsors deploy Access
Data's proprietary technology and services to gain visibility into how
sales and assets are generated, insight into their market positions
across distributors, and to solve complex problems in distribution,
compensation management and compliance and risk management. Access
Data's flagship product, Access Data SalesVision(R) provides comprehensive
storage and analysis solutions, delivering web-based reporting as
Software as a Service.
Source: Broadridge Financial Solutions, Inc.