M&T Bank in Buffalo, N.Y., has agreed to sell a trade processing business to Broadridge Financial Solutions in Lake Success, N.Y.
Broadridge said in a press release Wednesday that it will buy the business, which is part of M&T unit Wilmington Trust Retirement and Institutional Services, for an undisclosed amount. The transaction is expected to close late in the first quarter.
The acquisition is expected to expand Broadridge's suite of products for the qualified and non-qualified plan services market. Broadridge said it will combine the business with Matrix Financial Solutions, its trade-processing platform. The combined platform is expected to have more than $290 billion in assets under administration.
"This transaction enables us to further strengthen our core institutional retirement business," Bill Farrell, an M&T executive vice president, said in the release.