Broadridge Financial Solutions said Wednesday it has entered into a purchase agreement to acquire the retirement plan custody and trust assets from TD Ameritrade Trust Co.
The acquisition will incorporate the TD Ameritrade business into Broadridge's Matrix Financial Solutions, creating approximately $420 billion in combined assets under administration and more than 118,000 plan accounts in custody, a news release said.
Broadridge's Matrix Financial Solutions has 106,600 accounts with approximately $385 billion in assets under administration, while the TD business has 11,400 accounts and $35 billion in assets under administration, a Broadridge spokeswoman wrote in an email.
Terms of the deal were not disclosed. The transaction is expected to close by the end of June, the news release said.