Broadridge Financial Solutions (NYSE:BR), a publicly-listed major fintech company, has joined forces with Apex Silver, a subsidiary of Apex Fintech Solutions, to provide a comprehensive solution for cost basis processing and tax information reporting for the financial services industry.

Apex Silver and Broadridge Team Up for Tax Reporting Offering

The collaboration aims to give wealth managers a more tightly integrated offering to improve clients' tax experience while reducing ownership costs. The partnership introduces a management model and common data sourcing, providing greater flexibility and scalability while making integration seamless.

According to Thomas Burke, the President of Broadridge Tax Services: "The collaboration provides a complete reporting solution for complex transaction processing that addresses both cost basis and tax treatment."

Broadridge's collaboration with Apex Silver aims to offer a comprehensive one-stop reporting solution that supports compliance with evolving tax regulations and emerging asset classes such as cryptocurrency. The goal is to provide clients with a reporting solution that is easily scalable in response to increased transaction volumes, enabling wealth managers to stay ahead of the curve.

"Apex Silver offers state-of-the-art cost-basis reporting solutions with a focus on delivering industry-leading operational efficiencies and superior client experiences. Our cloud-based, API-driven cost basis offering supports tens of millions of investment accounts and multiple Tier 1 financial institutions, including several firms that are also Broadridge tax information reporting clients. We look forward to working on this exciting initiative together," Blake Henry, the Chief Executive Officer at Apex Silver, commented.

As a result of this collaboration between two prominent fintech providers, financial institutions, such as banks, broker-dealers, and custodians can now partner with a single vendor to access integrated tax information and cost-basis reporting solutions.

Apex Silver, formerly known as Silver Management Group of Companies, is a SaaS business and technology solutions provider for the investment services industry.

Broadridge Reports New Partnerships, Hires and Higher Revenues

A month ago, Broadridge published its financials for the second quarter of the fiscal year 2023, reporting a 3% yearly rise in total revenue to about $1.3 billion. In addition, the recurring revenue increased by 6% to $840 million.

Additionally, the operating income escalated 57 percent to $108 million, and the margin improved to 8.3 percent from 5.5 percent. The company's adjusted operating income grew from $141 million to $$173 million, which is a rise of 23 percent.

In the meantime, Broadridge signed two new partnership agreements with CQG in March and Point Focal in February. CQG and Broadridge will integrate their Order Management System (OMS) and Execution Management System (EMS), while Point Focal will allow the company to offer clients advanced alternative data-driven quantitative insights and portfolio analytics .

Furthermore, the fintech firm based in the United States has revealed that it has welcomed two seasoned industry professionals to its European sales division. Guillaume Bunouf and Alvaro Del Pino Aguilera have been appointed to identify and pursue opportunities for growth in the European market.