Private equity investors HIG and General Atlantic have sold their two-thirds stake in FNZ, which provides technology services to asset managers, banks and insurers, to Generation Investment Management, the firm co-founded by former US vice-president Al Gore, and a Canadian pension fund.
FNZ represents an outstanding first investment for our new partnership. It is an exceptional company...David Blood, Senior partner and Co-Founder , Generation Investment Management
The acquisition is one of the world’s largest fintech transactions this year, subject to regulatory approval, and is understood to be worth £1.65bn.
FNZ, which moved its head office from New Zealand to Canonmills, Edinburgh, in 2006, develops wealth management platform technology used by financial services firms including Standard Life Aberdeen, Santander and Lloyds Bank.
The company is responsible for more than £330bn in assets under administration held by around five million customers. FNZ currently has some 1,400 employees across its UK and overseas offices, with 400 of these based in Scotland.
Adrian Durham, chief executive and founder of FNZ, said: “We see a unique opportunity to create a global-scale platform for wealth management...”