Broadridge Fin to expand operations

Broadridge Financial Solutions Inc, a spin-off of the US-based ADP Brokerage Services Group, is looking at Asia-Pacific and Europe to expand its operations outside of US.

"Eighty eight per cent of our revenues at present are from the US. We would like to have more revenues outside of this country," company's chief executive officer Richard J Daly, told Business Standard.

In the fiscal 2007, the company, a provider of technology-based outsourcing solutions to the financial services industry, posted a revenue of over $900 million. It has been registering an average annual growth rate of 5 per cent in revenues and over 10 per cent in earnings.

Daly said Broadridge's India centre played a crucial role in making the company the "outsourcer of choice" around the globe. The centre accounted for 20 per cent of the work undertaken by Broadridge worldwide.

Broadridge India managing director, V Laxmikanth, said the company had so far invested $6 million (about Rs 24 crore) in its centre in Hyderabad. In the past one year, the centre had added 200 associates taking the total headcount to 650.

He said the focus area of the India centre would be on providing securities clearing services and operations outsourcing solutions to brokers of all sizes. "We are also making a lot of investments to equip our associates to make them subject matter experts," he said.