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Insurers look for wrap MBO

Axa and Standard Life are believed to be backing a management buyout of FNZ, the technology provider behind both insurers’ wraps.

Money Marketing revealed last week that FNZ was up for sale. It is understood that both Axa and Standard Life bid for the wrap firm individually some months ago but had their bids rejected.

The pair are thought to have then launched a joint bid for the company, which was again rejected. It is now believed that both firms are encouraging an MBO.

FNZ was chosen in 2005 to create Standard Life’s wrap in a deal worth over £36m. It continues to provide customised admin and custodial services in support of Standard Life’s wrap.

FNZ also orchestrates the investment admin system for Axa UK’s Elevate wrap.

Axa, Standard and FNZ refused to comment.

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