U.S.-based fintech Broadridge Financial announced on Wednesday it is now set to acquire Rockall, a market provider of securities-based lending (SBL) and collateral management solutions for wealth management firms and commercial banks. Broadridge reported that the acquisition expands its core front-to-back office wealth capabilities, providing innovative SBL and collateral management technology solutions to help firms manage risk and optimize clients’ securities lending and financing needs.
According to Broadridge, Rockall currently enables the management of more than $3 trillion worth of collateral daily for some of the world’s top banks, and 10 of the top 30 U.S. banks use Rockall’s technology to streamline collateral management, safeguard against credit risk and enhance lending. Two key offerings Rockall provides a cloud-based wealth lending solution, FASTNET, which automates the evaluation, monitoring and management of SBL, and an enterprise banking collateral management solution, COLLATE, which supports strategies and change levers that drive enhanced credit risk management, regulatory reporting, process simplification, and capital efficiency.
While sharing details about the acquisition, Michael Alexander, head of North American Wealth and Capital Markets Solutions for Broadridge, stated:
“The acquisition of Rockall is the most recent example of Broadridge growing our wealth franchise by expanding our core wealth offering for clients. Securities-based lending and collateral management are key industry areas in need of innovation, and we look forward to leveraging next-generation technology to provide proven solutions to clients while mutualizing key front-, middle- and back-office functions.”
Richard Bryce, CEO of Rockall, went on to add:
“We are excited to have our innovative SBL and collateral management technology solutions be a part of Broadridge’s wealth management offerings, serving an even greater number of clients. Broadridge is a leader in the wealth management industry and its size and scale accelerates our ability to meet the increasing demand from advisors and investors.”