Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a564594
Standard Life's platform partner FNZ acquired by private equity group
by Jun Merrett on Feb 08, 2012 at 09:48
Platform technology provider FNZ has a new owner after private equity firm General Atlantic took a stake in the Edinburgh based-company.
A document filed with the Official Journal of the European Union said private equity firm General Atlantic have taken joint control over the group by way of a purchase of shares. It will share this control with existing FNZ shareholder and fellow private equity firm HIG Capital.
FNZ’s senior management, including chief executive Adrian Durham (pictured), hold the remaining significant shareholding in the company.
The deal is subject to regulatory approval.
FNZ has built and sits behind platforms for Standard Life, AXA Elevate, JP Morgan, Friends Life and HSBC and more recently Zurich and Close Asset Management.
Markets
News sponsored by:
3 comments so far. Why not have your say?
Anthony Smith
Feb 08, 2012 at 11:55
You forgot Friends Life and HSBC workplace retirement proposition
report thisIan Lees
Feb 09, 2012 at 08:19
I wonder how this will affect advisers - and those who use Fidelity Funds the funds retailer and partial advisers network support for pesnions, bonds etc., where Standard Life control WHO can invest in Fidelity - rather than Fidelity having any control over advisers clients. With FNZ and Standard Lifes newest support - being taken over and a substantial amount of the shares being sold - it beicomes a complex structure for any adviser or client investing in the Edinburgh based company Standard life. Further complications may be incurred when Scotland applies to take control of their own destiny and Alex Salmond and the SNP get their wish for a devolved Scotland.
report thisMystery
Feb 10, 2012 at 20:38
Anthony, they were probably too embarrassed to have their name associated with FNZ they bunged the editor to not include it.
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.