FNZ Sells GBST After A Failed Merger

FNZ, a leading global wealth management platform, recently announced that it has completed the sale of GBST to Anchorage Capital Partners, a leading global private equity fund with extensive financial services and systems experience, which plans to make use of GBST's Wealth Management division and its market leading technology platform.

Following a failed merger that was prohibited by the Competition and Markets Authority(CMA), the wealth management platform chose to sell the fintech startup.

According to FNZ, after the transaction, it will reacquire GBST's capital markets division, including the experienced GBST capital markets team and the market leading product suite, which provides proven, seamless and scalable real-time trade and settlements processing capabilities at a global level. The deal will provide FNZ with the opportunity to expand its product and service offering to both existing and future clients and accelerate the growth and reach of its global capabilities in listed securities trading and post-trade processing.

The reacquisition of the capital markets division by FNZ is expected to complete in Q1 2022. Both the purchaser and the transaction have been approved by the CMA.

"Capital markets continues to undergo major structural change that will require service providers to renew their systems and processes. This creates a huge opportunity to combine the complementary product strengths of FNZ and GBST's capital market division," said Scott Webster, Managing Director of FNZ Securities. "FNZ reacquired the GBST capital markets division because of its talented employees, well-established products and its deep relationships with major financial institutions across the world. We are committed to ensuring these relationships, and the quality of the capital markets services, continue to be enhanced as part of the FNZ Group."

"We are thrilled to acquire GBST's Wealth Management business and are committed to further investment supporting GBST management's long-term growth plans and future pipeline of opportunities in the UK and Australia for its market leading wealth management administration platform and services," said Phillip Cave, Anchorage Capital Partners Founder and Chairman.