Wealth administration vendor FNZ has acquired South African funding vendor Silica from proprietor Ninety One.
Ninety One, as soon as known as Investec Asset Administration, arrange Silica in 1999. The agency offers third-party administration and expertise companies.
Silica claims to service greater than 1.3 million investor accounts representing €100 billion in belongings beneath administration.
FNZ says the deal, the worth of which is undisclosed, helps its growth technique in South Africa.
It provides Silica can thrive beneath an “impartial proprietor devoted to asset and wealth administration infrastructure”.
“We’re excited to be making a considerable funding within the South African asset and wealth administration sector with the acquisition of Silica,” says Adrian Durham, FNZ group CEO.
“We admire the robust shopper franchise that Silica has created over the previous 20 years and sit up for constructing on this glorious basis.”
Kim McFarland, finance director at Ninety One, and chair of Silica, says her agency wished to discover a “robust, respected accomplice to take Silica ahead”.
“This transaction is a vote of confidence within the South African market, which has big potential in enterprise course of outsourcing.”
The GBST deal is at present beneath intense scrutiny from the UK’s Competitors and Markets Authority (CMA).
The CMA moved to block the deal in August. It argued a merger between FNZ and GBST would maintain near 50% of the funding options market within the UK.
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