FNZ to Acquire Investment Solution Vendor Silica

​FNZ, a leading global wealth management platform, announced that it has agreed to acquire Silica, a South African investment vendor, from owner Ninety One.

In an official press release, FNZ announced that the company is expanding the accessibility of its wealth management services in the South African market through the acquisition.

Founded in 1999, Silica provides third-party administration and related technology solutions to asset managers and investment product providers throughout South Africa.

This transaction also provides Silica and its clients with an independent owner, solely dedicated to asset and wealth management infrastructure, with international scale. Silica’s employees join a rapidly growing global platform business, with a long-term sustainable focus.

Commenting on the transaction, Adrian Durham, FNZ Group Chief Executive Officer said:”We are excited to be making a substantial investment in the South African asset and wealth management sector with the acquisition of Silica. We admire the strong client franchise that Silica has created over the past 20 years and look forward to building on this excellent foundation to continue the evolution of wealth management in South Africa.”

Garth Smith, Chief Executive of Silica, said: “We believe that there is a strong culture and value fit between Silica and FNZ, which presents significant opportunities for our clients and employees. We thank Ninety One for their support to date, and look forward to continuing to work with them as a client.”

The transaction is subject to regulatory approval and its value is not being disclosed.