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Wrap provider up for sale

FNZ Wrap, the technology provider behind Axa and Standard Life’s wrap propositions, is understood to be up for sale.

FNZ, formerly known as First New Zealand Capital wrap, administers over £1bn for institutional clients and financial planners in New Zealand.

It was chosen in 2005 to create Standard Life’s wrap in a deal worth over £36m. FNZ continues to provide customised administration and custodial services in support of Standard Life’s wrap. FNZ was also behind the investment administration system for Axa UK’s wrap.

The company is believed to have been on the market for several months but it refused to comment on whether it was seeking a buyer. Standard Life also refused to comment on the issue but a spokesman says: “FNZ is a key provider of services in support of our wrap proposition and we expect this to continue.”

Axa was unavailable for comment on the matter.

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