Private equity firm takes joint control of wrap provider FNZ

8 February 2012 8:56 am | By Sam Macdonald

Private equity firm General Atlantic has taken joint control of wrap software provider FNZ Group, alongside HIG Capital and FNZ senior management.

A prior notification document filed with the Official Journal of the European Union says General Atlantic is taking joint control of FNZ Group through the purchase of shares. The deal is subject to regulatory approval.

FNZ powers platforms for Axa Elevate, JP Morgan, Zurich, Friends Life and Close Asset Management, as well as HSBC’s workplace retirement proposition and the Standard Life wrap.

HIG and existing senior managers bought FNZ Group from shareholders in January 2009.

FNZ had around £20bn of assets under administration in July, saying it was looking to increase that to £100bn by the end of 2013.

HIG and General Atlantic declined to comment.

FNZ Group chief executive Adrian Durham says: “We have added another investor to the company which is General Atlantic. Previous investors will remain as investors in FNZ. The size of the General Atlantic investment will not be disclosed.”

Murphy Financial associate partner Adrian Murphy says: “FNZ is looking to expand and continue growing its proposition. It sees itself as one of the core platform providers in the industry and that is backed up by the platforms it powers.

“If you are going to continue to provide a strong service and grow the company you need everyone from compliance to administration and that req-
uires investment.”

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