Bigger platform created
Fintech firm FNZ acquires software supplier JHC Systems
Adrian Durham: great opportunity
FNZ, the Edinburgh-based fintech company, has acquired JHC Systems, a provider of platform software to the wealth management industry. The deal will create a combined broking platform serving some of the big players in the sector.
JHC, which is headquartered in London, provides the core technology platform to a number of UK and Ireland’s wealth managers and platforms, including AJ Bell, Alliance Trust Savings, Brooks Macdonald, Charles Stanley, Davy, FIS Platform Securities, Interactive Investor, LGT Vestra and Quilter. Its established software solutions focus on portfolio management, account administration, regulatory compliance and risk analysis for clients and financial advisers.
The firm was founded in 1988 and now has more than half a million end users and £160 billion in assets under management on platforms powered by JHC software. It employs about 240 people at its offices in London, Birmingham, Newcastle and Dubai.
FNZ employs 1,600 staff helping to transform the way financial institutions serve their wealth management customers. It partners with banks, insurers and asset managers to help consumers better achieve their financial goals and is responsible for more than £380 billion in assets under administration, held by around seven million customers of some of the world’s largest financial institutions.
We see a great opportunity to consolidate our combined position in the UK market –Adrian Durham
Adrian Durham, chief executive of FNZ, said: “JHC has a market leading and well-established technology platform in the UK, combined with new state-of-the-art digital solutions.
“We see a great opportunity to not only consolidate our combined position in the UK market, but to take JHC technology propositions into new strategic territories – such as APAC and continental Europe – and into new product areas.
“JHC’s founders and management team have done a fantastic job in developing a loyal client base of more than 60 financial institutions across all asset classes, currencies and instruments. We look forward to working with their team to maximise the potential of JHC’s business over the coming years.”
John Blackman, chief executive at JHC, said: “Joining forces with FNZ is the perfect way for us to grow our business.” He said it was “great news” that it would invest in JHC’s product range.
“This deal will provide the scale required for JHC to compete in the increasingly competitive fintech world, particularly in wealth management where regulatory compliance and cyber security are of utmost importance.”
JHC was advised by Acuity.