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INVESTMENT MANAGEMENT, FINTECH

Broadridge and Apex Silver Team Up to Launch New Integrated Cost Basis and Tax Reporting Offering

PRnewswire | March 27, 2023 | Read time : 05:00 min

To provide the financial services industry with seamlessly integrated cost basis processing and tax information reporting, global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:BR), has teamed with Apex Silver (formerly Silver Management Group of Companies), a trusted provider of enterprise-class SaaS solutions and a subsidiary of Apex Fintech Solutions, Inc. This new comprehensive solution will provide wealth managers with a more tightly coupled offering, thus reducing the overall cost of ownership and improving the overall tax experience for clients. This alliance introduces a common data sourcing and management model making integrations seamless while providing greater flexibility and scale.

"This collaboration provides a complete reporting solution for complex transaction processing addressing both cost basis and tax treatment," commented Thomas Burke, President, Broadridge Tax Services. "Broadridge has long provided tax data and information reporting solutions. What's new is that by working with Apex Silver, we are bringing to market an integrated one-stop reporting solution; that supports compliance with changing tax regulations, new asset classes such as crypto, and which scales rapidly in line with higher transaction volumes."

"Apex Silver offers state-of-the-art cost basis reporting solutions with a focus on delivering industry-leading operational efficiencies and superior client experiences," commented Blake Henry, Chief Executive Officer, Apex Silver. "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."

This collaboration of leading financial technology providers enables banks, broker-dealers and custodians to contract with a single vendor, Broadridge, for a truly integrated cost basis and tax information reporting solution delivered and supported by Broadridge's world class customer service team.

About Apex Silver

Apex Silver, formerly Silver Management Group of Companies, was acquired and became part of the Apex Fintech Solutions platform in August 2021. With a 30 year history, Apex Silver is a leading SaaS provider of business and technology solutions for the investment services industry. The team applies decades of securities industry and software development experience, along with a passion for solving real-world problems, to deliver cost-effective brokerage operations and wealth management solutions for clients. Apex Silver's SaaS solutions are currently used by some of the world's most respected financial institutions to accurately and securely process tens of millions of investment accounts and trillions in assets.

About Apex Fintech Solutions

Apex Fintech Solutions is a fintech powerhouse enabling seamless access, frictionless investing, and investor education for all. Apex's omni-suite of scalable solutions fuel innovation and evolution for hundreds of today's market leaders, challengers, change makers, and visionaries. The Company's digital ecosystem creates an environment where clients with the biggest ideas are empowered to change the world. Apex works to ensure their partners succeed on the frontlines of the industry via bespoke solutions through its Apex Clearing™, Apex Advisor Solutions™, Apex Silver™, and Apex CODA Markets™ brands.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with more than $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies.

Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.

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