Global private equity investment firms H.I.G. Capital and General Atlantic have sold down their stakes in FNZ, which provides technology to a number of popular adviser platforms, valuing the company at £1.65bn.
H.I.G. Europe, an affiliate of H.I.G. Capital, held a stake worth one-third of the investment platform technology business, which it has sold to Caisse de Depot et Placement du Quebec and Generation Investment Management. General Atlantic has also sold its one-third stake in the business to the firm. FNZ provides technology for the Aviva, Embark, Old Mutual Wealth and Standard Life adviser platforms. It also provides technology to other financial groups, such as Barclays and HSBC. Sky News in July reported sources understood the members of the management team were not looking to sell ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
