FNZ, a London, UK-based provider of technology, transaction and custody services to the wealth management industry, has received an equity investment of undisclosed amount.
Global growth equity firm General Atlantic acquired a minority equity stake in the company, investing alongside H.I.G. Europe, which originally backed an MBO of FNZ in early 2009, and the management team.
The company intends to use the proceeds from the investment, whose completion is still subject to EU competition commission approval, for international expansion into Asia and other key markets.
Led by CEO Adrian Durham, FNZ provides technology, transaction and custody services to life insurers, banks, and asset managers enabling them to develop and distribute financial products and services to their customers.
The company has a presence in the UK, Australia and New Zealand, an has developed long term partnerships with blue-chip customers including Standard Life, AXA, JP Morgan, HSBC, AMP, National Australia Bank, Friends Life, UBS, Zurich and Close Brothers Asset Management.
FNZ employs over 650 people with offices in Edinburgh, London, Bristol, Brno (Czech Republic), Wellington and Sydney.