Broadridge Financial Solutions (India) (BFS), a wholly-owned subsidiary of New York-based Broadridge Financial Solutions Inc, has expanded the scope of its operations to include a full range of financial business process outsourcing (BPO) services, such as back office, middle office, corporate and finance functions.
BFS provides brokerage and securities processing to global investment banks on outsourcing model.According to BFS (India) managing director V Laxmikanth, the expanded BPO services were mainly aimed at North American and Western European markets, where the large majority of its clients are based.Broadridgeâ€™s Indian arm would manage the expanded BPO business, but its existing expertise here would be leveraged for this and the company would not be looking to recruit new talent.
Capital market BPO is a critical sector. In this, a lot of Indian BPOs want to become platform BPOs, ie, ones which offer their own technology and provide services on top of that. Broadridge has always been a platform BPO, but with this expansion, it is becoming a general service BPO, offering services whatever be your technology, he said.
Broadridge would continue to offer services on its proprietary securities processing platform in addition to the new non-platform services, he said, estimating the global financial service BPO industry at $4-8 billion.
The company currently employs 1,100 people in India and 5,000 in the US, of which 100 people from India and 400 from the US would work on the BPO operations.