FNZ (company)

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FNZ
IndustryGlobal wealth management, Financial services
Founded2004 Edit this on Wikidata
FounderAdrian Durham
Headquarters
Global
Area served
Global
Key people
Adrian Durham (Group CEO)
AUMOver $1.5 trillion
OwnerEmployees, CDPQ & Generation Investment Management
Number of employees
Circa 4000
Websitewww.fnz.com

FNZ is a financial services company that specialises in providing platform as a service investment platforms to major financial institutions. FNZ has delivered investment platforms to financial institutions in 15 international markets across Europe, Asia Pacific, South Africa and North America.[1]

History[]

FNZ was founded as a start-up business in 2004 in New Zealand.[2] Originally created as a business unit within the New Zealand branch of investment bank Credit Suisse, FNZ secured the majority of large institutional providers of investment platforms in NZ. This was followed by the expansion of operations to the UK in 2005,[3] and a management buyout of the First NZ Capital Group (formerly Credit Suisse) in January 2009 for a price of NZ$34 million, backed by private equity firm H.I.G. Capital.[4]

In 2012, global growth equity firm General Atlantic acquired a minority share in FNZ.[5]

In June 2013, Lord Leitch was appointed Group Chairman of FNZ.[6]

In October 2018, CDPQ and Generation Investment Management agreed to purchase the two-thirds ownership of FNZ from HIG Capital and General Atlantic in a deal valuing FNZ at £1.6 billion.[7]

In February 2020, Temasek acquired a stake in FNZ.[8]

Acquisitions[]

In 2018, FNZ acquired German platform ebase from Commerzbank.[9]

In 2019, FNZ acquired leading wealth management software firm JHC.[10] In November 2019, FNZ acquired GBST for A$269m, which prompted the Competition and Markets Authority (CMA) to launch an inquiry into the deal's impact on competition in the UK retail investment platform market. The final decision from the CMA was for FNZ to sell GBST with rights to repurchase GBST's capital markets operations.[11]

In 2020, FNZ acquired Irish third-party administration provider Irish Progressive Services International (IPSI) from Irish Life[12] and agreed to acquire South African third-party administration firm Silica from Ninety One plc.[13]

In 2021, FNZ acquired the Direct-to-consumer Hatch investment platform from Kiwi Wealth.[14]

Customers[]

FNZ partners with life insurance companies, banks, asset managers and discretionary wealth managers to deliver wealth management services in the three main distribution channels: independent financial advisers (IFAs), direct customers and the workplace.

They provide an end-to-end service, including investment front office, tax wrappers and investment back office under a platform as a service delivery model. This is combined with back office dealing, settlement and administration services as either sub-custodian or third party administrator.

FNZ's existing customers include:

[16][17][5][18]

References[]

  1. ^ "FNZ to acquire Silica from Ninety One | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  2. ^ "FNZ was founded by Kiwi Adrian Durham in 2003. Now it's worth $3.35 billion". Stuff. Retrieved 2019-01-02.
  3. ^ Martin, Iain (21 August 2009). "Face to Face: Adrian Durham, FNZ". Citywire.
  4. ^ "FNZ goes for $34 million". Good Returns. 27 January 2009.
  5. ^ a b "General Atlantic Invests in FNZ". General Atlantic. 2 September 2012.
  6. ^ MacDonald, Sam (2013-06-06). "FNZ appoints Lord Leitch as chairman". Money Marketing. Retrieved 2021-05-28.
  7. ^ "Canada's CDPQ, Al Gore's Generation buy majority stake in fintech firm FNZ". Reuters. Retrieved 13 October 2018.
  8. ^ "Latest News". FNZ. Retrieved 2021-11-01.
  9. ^ "FNZ Group to acquire German investment platform business ebase | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  10. ^ "FNZ acquires leading wealth management software firm JHC | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  11. ^ "FNZ / GBST merger inquiry". GOV.UK. Retrieved 2021-11-01.
  12. ^ "FNZ Complete Acquisition of Irish Progressive Services International (IPSI) | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  13. ^ "FNZ to acquire Silica from Ninety One". Silica. 2020-11-16. Retrieved 2021-05-28.
  14. ^ "Global ambitions for Hatch investment service after sale to FNZ". Stuff. 2021-10-03. Retrieved 2021-11-01.
  15. ^ "Swedbank storsatsar på digital molnplattform – "en viktig pusselbit"". Computer Sweden (in Swedish). Retrieved 2021-06-09.
  16. ^ Bain, Simon (20 January 2012). "Jobs boost as FNZ sets up global hub in Edinburgh". Herald Scotland.
  17. ^ Macdonald, Sam (1 May 2012). "Aegon group marketing chief Paul McMahon quits for FNZ". MoneyMarketing.
  18. ^ "Our Customers". FNZ. Retrieved 13 March 2017.
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