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FNZ (company)

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FNZ
IndustryGlobal wealth management, Financial services
Founded2003
FounderAdrian Durham
Headquarters
Global
Area served
Global
Key people
Blythe Masters, Group CEO Roman Regelman, Group President
Number of employees
c. 6,000
Websitewww.fnz.com

FNZ is a global financial services company that provides investment platforms to major financial institutions and wealth management firms. As of May 2024, FNZ manages over US$1.5 trillion in assets.[1] FNZ's technology platform provides services such as investment front office, tax wrappers and investment back office, operating under a platform as a service delivery model.

They partner with over 650 financial institutions, 12,000 wealth managers, and administer assets for over 24 million end investors. They hold offices in 30+ global locations.[2]

History

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FNZ was founded in 2003 by its former Group CEO, Adrian Durham.[3] It began as a business unit within the New Zealand branch of investment bank Credit Suisse. This was followed by the expansion of operations to the UK in 2005,[4] 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.[5]

In 2012, global growth equity firm General Atlantic acquired a minority share in FNZ.[6]

In June 2013, Lord Leitch was appointed Group Chairman of FNZ.[7]

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.[8]

In February 2020, Temasek acquired a stake in FNZ.[9]

In February 2022, FNZ raised US$1.4 billion in new capital from CPP Investments and Motive Partners which valued FNZ at US$20 billion.[10]

In August 2024, Durham stepped down as CEO, into the role of non-executive Founding Director and Senior Adviser. He was replaced by Blythe Masters as Group CEO and Roman Regelman as Group President. In tandem with the leadership change, FNZ announced a further US$1bn of capital from its existing institutional investors.[11]

Gregor Stewart was appointed as Group Chair in 2024, with Lord Leitch becoming Group Chair Emeritus.[12]

Acquisitions

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In 2018, FNZ completed the acquisition of German investment platform company, ebase (European Bank for Financial Services) from Commerzbank.[13][14]

In July 2019, FNZ acquired London-based JHC Systems Ltd, a provider of platform software to the wealth management industry.[15][16]

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.[17]

In 2020, FNZ acquired Irish third-party administration provider Irish Progressive Services International (IPSI) from Irish Life.[18]

In 2021 it acquired South African third-party administration firm Silica from Ninety One plc.[19] and it acquired direct-to-consumer investment platform Hatch from Kiwi Wealth.[20]

In 2022, it acquired Icelandic automated identity verification and privacy platform company Authenteq, [21] Zurich-based client onboarding firm Appway,[22] Swiss private banking technology company New Access,[23] and German wealth-tech provider Diamos.

In 2023, it acquired US-based fixed-income fintech YieldX, Luxembourg-based B2B fund platform ifsam, and completed its acquisition of Germany's Fondsdepot Bank.

Customers

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

FNZ's existing customers include:

[25][26][6][27]

References

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  1. ^ "FNZ Website". FNZ Website. Archived from the original on 26 May 2024. Retrieved 26 May 2024.
  2. ^ "FNZ announces executive leadership transition and $1bn of investment from existing institutional shareholders". FNZ. 2024-08-28. Retrieved 2024-08-30.
  3. ^ "FNZ was founded by Kiwi Adrian Durham in 2003. Now it's worth $3.35 billion". Stuff. Retrieved 2019-01-02.
  4. ^ Martin, Iain (21 August 2009). "Face to Face: Adrian Durham, FNZ". Citywire.
  5. ^ "FNZ goes for $34 million". Good Returns. 27 January 2009.
  6. ^ a b "General Atlantic Invests in FNZ". General Atlantic. 2 September 2012.
  7. ^ MacDonald, Sam (2013-06-06). "FNZ appoints Lord Leitch as chairman". Money Marketing. Retrieved 2021-05-28.
  8. ^ "Canada's CDPQ, Al Gore's Generation buy majority stake in fintech firm FNZ". Reuters. Archived from the original on October 9, 2018. Retrieved 13 October 2018.
  9. ^ "Latest News". FNZ. Retrieved 2021-11-01.
  10. ^ "FNZ Valued at $20B After Latest Funding Round". Barrons. 2022-02-11. Retrieved 2022-02-11.
  11. ^ "FNZ announces executive leadership transition and $1bn of investment from existing institutional shareholders". FNZ. 2024-08-28. Retrieved 2024-08-30.
  12. ^ "FNZ Leadership".
  13. ^ "FNZ Group to acquire German investment platform business ebase | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  14. ^ "FNZ acquires leading wealth management software firm JHC | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  15. ^ "FNZ acquires wealth management software firm JHC".
  16. ^ "FNZ acquires leading wealth management software firm JHC | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  17. ^ "FNZ / GBST merger inquiry". GOV.UK. Retrieved 2021-11-01.
  18. ^ "FNZ Complete Acquisition of Irish Progressive Services International (IPSI) | Investment platforms | Wealth Management". FNZ. Retrieved 2021-05-28.
  19. ^ "FNZ to acquire Silica from Ninety One". Silica. 2020-11-16. Retrieved 2021-05-28.
  20. ^ "Global ambitions for Hatch investment service after sale to FNZ". Stuff. 2021-10-03. Retrieved 2021-11-01.
  21. ^ https://pitchbook.com/profiles/company/100863-73
  22. ^ "FNZ to acquire Appway to bolster wealth management platform". Private Banker International. 2021-12-08. Retrieved 2021-12-08.
  23. ^ "FNZ to acquire Appway to bolster wealth management platform". FNZ. 2021-12-08. Retrieved 2022-07-20.
  24. ^ "Swedbank storsatsar på digital molnplattform – "en viktig pusselbit"". Computer Sweden (in Swedish). Retrieved 2021-06-09.
  25. ^ Bain, Simon (20 January 2012). "Jobs boost as FNZ sets up global hub in Edinburgh". Herald Scotland.
  26. ^ Macdonald, Sam (1 May 2012). "Aegon group marketing chief Paul McMahon quits for FNZ". MoneyMarketing.
  27. ^ "Our Customers". FNZ. Retrieved 13 March 2017.
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