FNZ provides trade execution and custody services that power wealth management platforms, fund supermarkets, wrap accounts and pensions in the UK and New Zealand. The company powers platforms for clients including AXA, JP Morgan Asset Management, HSBC, UBS and Standard Life. Financial terms of the deal were not disclosed.
HIG Europe backed the management buy-out of FNZ in January 2009 for an undisclosed amount. Since its investment, FNZ’s assets under administration have grown from £4bn to more than £21bn. The company has 650 asset servicing and technology staff in offices in the UK, Australia, New Zealand and the Czech Republic, and is looking to increase client assets to £100bn by the end of 2013.
John Bernstein, a managing director at General Atlantic, said, “We have long followed wrap platforms and believe that FNZ combines a market leading product and services offering with a highly talented management team. We are impressed with the extraordinary achievements of Adrian and his team over the past few years and are pleased to have the opportunity to contribute our strategic support and long-term partnership approach to further FNZ’s development and global expansion.”
HIG has a team of more than 40 investment professionals based in Europe, operating out of offices in London, Paris, Hamburg, and its recently established office in Madrid. The firm completed 11 transactions on the continent last year.
General Atlantic is also an active investor in Europe. In December 2011 the firm led a $155m financing round alongside Russian investment management firm DST Global for Klarna, a Swedish online payments service that aims to make online shopping simpler and safer.
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