FNZ swoops on Swiss private banking tech firm
FNZ, the global wealth management platform with key operations in Edinburgh, has acquired New Access, a specialist private banking technology firm primarily active in Switzerland, Liechtenstein and Luxembourg.
The acquisition of the Switzerland-based company represents a further investment by FNZ into the growing private banking and cross-border wealth sector after a number of customer successes and the acquisition of the Swiss tech innovator Appway in February.
Private banks are under significant pressure to adapt and scale offerings to their existing and new clients but are often constrained by legacy technology, complex delivery models and new regulatory requirements.
FNZ, which last year absorbed some of the operations of the Nucleus platform following its acquisition by James Hay, administers more than $1.5 trillion in client assets on its platform for about 20 million clients worldwide.
Adrian Durham, CEO, FNZ Group, said: “Both our companies have a shared vision to open-up wealth, empowering all people to create wealth through personal investment, aligned with things they care about the most, on their own terms.”
With its 20-year track record and more than 200 engineers and product experts, New Access has successfully developed innovative solutions for more than 60 private banks and wealth management firms.
Vincent Jeunet, CEO of New Access, said: “We are excited to be joining FNZ as we transform the industry and open up wealth together.”
Terms of the agreement are not being disclosed. Deloitte, FIG Corporate Finance Advisory acted as exclusive financial adviser to FNZ, while CMS acted as legal adviser.