The technology provider behind the Old Mutual Wealth and Aviva platforms has expanded its presence in Europe by buying a German platform.
FNZ, which also sits behind the Standard Life Wrap, Elevate and Zurich platforms, has bought platform Ebase from Comdirect Bank.
According to Platforum, Ebase is the fourth largest platform for advisers in Germany. It has €31bn (£27bn) assets under management.
Platforum associate research director Rodolfo Crespo says: “FNZ gets significant presence in Germany and it will look to compete with some of the large European platform players like Allfunds or UBS Fondcenter which are becoming ‘wealthtech providers’ as opposed to just platforms.”
Crespo adds: “The acquisition of Ebase will also have raised a few eyebrows in the UK as to whether FNZ may be in competition with its platform clients but I don’t expect this to be case. This is a strategic move into Germany and potentially other markets in Central Europe.”
FNZ chief executive Adrian Durham says: “This is an important milestone for FNZ Group and underlines our commitment to being the leader in the provision of B2B digital wealth management solutions for financial institutions and their clients in Germany and across Europe.”
Aviva moved its assets from its formerly Bravura-backed platform to FNZ in January. That project has been beset with issues with advisers complaining payments to clients and themselves were not being processed, among other problems.
Quilter made the decision to move the Old Mutual Wealth platform to FNZ from rival technology firm DST – formerly called IFDS – last year as project costs were estimated to escalate to £450m.