EUROPE - Private equity firm H.I.G. Europe has acquired trade execution and custody services company FNZ Holdings as part of a management-backed buyout for an undisclosed sum.
The firm's core business is a software platform which provides trade execution and custody services underlying wealth management platforms, fund supermarkets, wrap accounts and pensions in the UK and New Zealand.
It allows financial advisers or a retail investors online access to the entire portfolio of their assets across their pensions and savings accounts; live asset allocation analysis and portfolio performance.
Matthias Allgaier, managing director, H.I.G, said: "FNZ has an excellent record of delivery. It has grown from a standing start in New Zealand in 2003 to its position today as a major provider of Software as a Service (SaaS), with profitable turnover in excess of £20m.
"We believe that FNZ has the best technology in its class and we are excited to provide the capital to further accelerate FNZ's growth both in the UK and internationally. We view this as a long term investment and it is an excellent example of H.I.G. using its global experience to back a complex, niche, international businesses with outstanding prospects."
Geoff Towers, chief executive of Standard Life Savings, said, "Standard Life's Adviser Wrap and FundZone propositions are key components of our UK asset managing strategy. FNZ is an important relationship for us and we wish Adrian and his team success in developing their business"
Adrian Durham, chief executive of FNZ, said the company was pursuing "significant opportunities" in a number of international markets and welcomed the support, contacts and access to capital provided by H.I.G.
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