Wealth deal

FNZ completes sale of GBST to Anchorage

FNZ offices (FNZ website)

Wealth manager FNZ has completed long-running saga

FNZ, the wealth management platform, has completed the sale of financial technology provider GBST to private equity fund Anchorage Capital Partners.

Following the transaction, FNZ will reacquire GBST’s capital markets division including the experienced GBST capital markets team and product suite.

This will provide FNZ with the opportunity to expand its product and service offering to both existing and future clients and accelerate the growth and reach of its global capabilities in listed securities trading and post-trade processing. 

FNZ announced two years ago that it had acquired GBST for about £150m.

The deal was backed by an Australian court raised concerns in the UK and after an in-depth investigation the Competition and Markets Authority (CMA) said it was minded to block the deal.

It was forced into a rethink after FNZ lodged an appeal with the Competition Appeal Tribunal, but the CMA confirmed it would still require FNZ to sell off GBST to allay competition concerns.

FNZ was granted an option to “repurchase certain parts” of the business.

Scott Webster, managing director of FNZ Securities, said: “We’re excited that FNZ and GBST capital markets division are coming together to expand our presence in securities trading and post-trade processing.

“Capital markets continues to undergo major structural change that will require service providers to renew their systems and processes.

“This creates a huge opportunity to combine the complementary product strengths of FNZ and GBST’s capital market division.”

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