Platform shake-up

FNZ lays off employees following business review

FNZ has hundreds of employees in Scotland

FNZ, the financial software platform, has announced a number of redundancies and moved some staff into new roles, according to trade sources.

It is understood about 400 staff are affected, though the company did not provide precise numbers, nor locations for the changes.

It employs about 6,000 employees in offices across the world, including 500 in two in Edinburgh at Tanfield in Inverleith Row, and in West Register Street in the city centre. It has another office in Dundee.

The global technology provider often absorbs staff from the companies it partners.

FNZ runs technology for Abrdn’s Wrap, Elevate and its newly acquired direct-to-consumer platform Interactive Investor.  

In March, Abrdn announced that 300 staff would be moved to FNZ this year, after 100 had been transferred last year.

Also last year the wrap platform Nucleus announced that a ‘material number’ of its employees, principally within the technology and platform operation functions, were transferring to FNZ following its takeover by James Hay. The newly combined platform group, owned by private equity houses HPS Investment Partners and Epiris, is set to migrate assets to FNZ.

FNZ did not respond to calls from Daily Business today. However, spokesperson told Citywire New Model Adviser: “As part of our business review process, we have looked across our company to ensure we prioritise areas that matter most to our customers.

“As we have gone through this process, some teams are making adjustments which in some cases mean certain roles are no longer necessary.

“We don’t take these decisions lightly and we are working with any employee who is affected to offer support wherever possible.

“There will be no impact on any of the services provided to our customers and we continue to focus and invest in the areas that matter most to them.”

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