FNZ aiming for £100bn

FNZ expects to increase its assets under administration fivefold to £100bn by the end of 2013.

The technology provider says the imminent launch of new platforms it powers and the increased use of platforms brought about by the RDR will boost its current £20bn AUA.

FNZ powers platforms for Axa Elevate, Standard Life, JP Morgan and HSBC’s workplace retirement proposition, with further launches from Zurich, Friends Life and Close Asset Management expected before the end of the year.

FNZ group chief executive Adrian Durham says: “We have built the current AUA over the last three or four years and when the new platforms go live and RDR comes in we expect that to grow significantly.”

He says FNZ expects to reach £25bn AUA by the end of this year based on its current growth of £1bn a month.

FNZ is in discussions with discretionary fund managers with a view to making them available to all FNZ-powered platforms.