Broadridge Financial Solutions has completed the acquisition of City Networks, a provider of reconciliation, multi-asset process automation and operational risk management solutions to the financial services industry.
With immediate effect, City Networks will operate internationally as Broadridge City Networks, forming part of Broadridge’s securities processing solutions business. With its workforce based in New York, London, Johannesburg, Tokyo, Hong Kong, Singapore and Sydney, its local and regional operations will combine with existing Broadridge operations to complement and increase Broadridge’s presence in these locations.
Following the completion of the acquisition, Marcus Dutton, director of City Networks, has been appointed as general manager of Broadridge City Networks.
The acquisition is expected to further accelerate Broadridge’s international strategic growth, extending its range of solutions and competencies to its existing bank-broker and asset management client base. The acquisition also expected to increase Broadridge’s service reach into client domains such as FX and money markets and OTC derivatives.
Tom Carey, president for securities processing solutions – international at Broadridge, said: “We are delighted to welcome the associates of City Networks, and their clients, to Broadridge. They bring an impressive pool of domain talent and service expertise, and we look forward to working together and demonstrating our commitment to investing in the solutions and growing this business. We particularly look to use our strong market position in both the US and Canada to accelerate Broadridge City Networks’ business growth in North America.”