FNZ (company)

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. 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.

History
FNZ was founded in 2003 by its current Group CEO, Adrian Durham. 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, 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.

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

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

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 GB£1.6 billion.

In February 2020, Temasek acquired a stake in FNZ.

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

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

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

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.

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

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

In 2022, it acquired Icelandic automated identity verification and privacy platform company Authenteq, Zurich-based client onboarding firm Appway, Swiss private banking technology company New Access, 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
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:
 * abrdn
 * Allianz
 * ANZ Bank New Zealand
 * Bank of New Zealand
 * AMP Limited
 * Aviva
 * Barclays
 * BNP Paribas Cardif
 * Colonial First State
 * Envestnet
 * Generali
 * Jarden
 * Lloyds Banking Group
 * National Australia Bank
 * Quilter
 * Santander
 * Swedbank
 * United Overseas Bank
 * UBS
 * Vanguard