AFTAs 2016: Best Front-Office Initiative—Broadridge

Broadridge wins Best Front-Office Initiative, an honor last awarded in 2007.

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Like a phoenix rising from the ashes, the best front-office initiative category is back at the AFTAs. After Citigroup and Credit Suisse won the category in 2006 and 2007, respectively, the award disappeared. But it’s back in the AFTAs line-up, although it’s now in the new “vendors” section, and it’s Broadridge taking home the prize thanks to its Broadridge Investment Management Solutions (BIMS) service. BIMS combines a number of operations integral to capital markets firms, including order management, portfolio management, risk management, accounting, billing, and performance management functions, in a single platform.

Brian Crowley, vice president of BIMS, says the firm’s fully-integrated platform makes it stand out from its competitors.

“Because of our unique perspective, serving as a partner to institutions and regulators across the financial services landscape, our clients look to us to help identify and navigate key industry trends,” Crowley says. “Our experience, balance sheet and domain expertise position us to compete in each of the world’s markets and deliver real business value.”

He adds that the BIMS platform “provides fund managers with a unique opportunity to reduce vendor and operational risk and reduce their total cost of ownership,” which is something crucial in today’s regulatory environment.

One of the applications within BIMS is Portfolio Master, designed to allow firms to manage multiple prime broker relationships with the vendor’s integrated trading, execution and allocation tools, along with real-time market data, reference data, and counterparty integration from the front to the back office.

BIMS covers an array of securities, including equities, fixed income, foreign exchange, futures and options and OTC instruments. Portfolio Master has an integrated compliance tool, as well.

BIMS covers an array of securities, including equities, fixed income, foreign exchange, futures and options and OTC instruments. Portfolio Master has an integrated compliance tool, as well.

Crowley says BIMS is a one-stop shop so that clients do not need to purchase different systems and eventually have trouble integrating each service. He says making BIMS a fully integrated platform means that its customers reduce their operational risk.

“Going forward, we are intent on leveraging existing Broadridge operational expertise by providing additional managed services to the buy and sell sides,” Crowley says. “Presently, Broadridge provides managed services to more than 30 global banks and has a very mature governance model; we plan on building on that experience by offering broader capabilities.”

In the coming years, Crowley says fund managers will be more willing to partner with service providers like Broadridge since there is increased pressure to cut costs as generating alpha continues to be a challenge in today’s market. 

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