Private equity buys Standard and Axa's wrap provider FNZ
Money Marketing revealed that the software provider FNZ, which administers £5bn of assets, was up for sale in December.
The New Zealand- based firm has also secured a contract to provide the platform technology for JP Morgan Asset Management UK.
Axa managing director of distributor services Paul McMahon says: "FNZ UK has played an important role supporting the development of AXA Elevate and I am confident that the management buy-out team which has now taken ownership will continue to provide the excellent quality service we have experienced throughout our business relationship.”
Standard Life Savings chief executive Geoff Towers also welcomed the news.
FNZ chief executive Adrian Durham says: "Using our platform, a financial adviser or a retail investor can see their entire portfolio of assets.
"Across their pensions, Isas and other savings accounts, they can analyse asset allocation and portfolio performance. They can switch investments across their whole portfolio at the touch of a button from anywhere with an internet connection."