Wealth management platform FNZ has acquired US-based start-up YieldX for an undisclosed sum.

YieldX provides fixed income portfolio management technology, optimisation services, and direct indexing tools for home offices, asset managers, and financial advisers.

FNZ, which has a base in Edinburgh, said the start-up’s tech will be integrated into its platform. It added that the deal will boost its presence in the US market as it looks to “deliver personalised investment solutions to more people across the wealth management industry”.

YieldX was founded in 2019 by Adam Green and Steve Gross. Post-acquisition, Mr Green will join FNZ as CEO of asset management, with Mr Gross joining as head of asset management strategy. The two will be tasked with supporting the firm’s US growth plans.

FNZ employs 6,000 worldwide and said it administers “more than $1.5 trillion in client assets representing over 20 million investors worldwide”. Its list of partners includes Barclays, Envestnet, Lloyds Bank, Santander, and Vanguard.

The deal to buy YieldX follows FNZ completing its acquisition of German commercial bank Fondsdepot, which was announced in late 2021.

During 2022, the firm also acquired German wealthtech provider Diamos and private banking tech provider New Access. These moves came after the company secured $1.4 billion in funding last February from CPP Investments and Motive Partners.

Last month FNZ announced about 400 redundancies and moved some staff into new roles. The company did not provide precise numbers, nor locations for the changes.