FNZ, an international wealth management platform, has finalized the sale of financial technology provider GBST to Anchorage Capital Partners, a private equity fund with considerable financial services and systems experience.
Anchorage Capital Partners’ investment is primarily focused on GBST’s Wealth Management unit and is dedicated to assisting GBST’s management team in carrying out its business expansion strategy and offering various solutions to customers.
This reportedly includes support for ongoing investment and the introduction of the tech transformation of GBST’s platform solution Composer to current and prospective customers.
After this transaction, FNZ will be reacquiring GBST’s capital markets unit, which includes the GBST capital markets professional team and the Syn~ product suite, which offers real-time trade and settlements processing. This should offer FNZ the chance to further expand its product offering to existing and future clients while accelerating the growth of its capabilities in listed securities trading and post-trade processing.
Scott Webster, MD at FNZ Securities, stated:
“We’re excited that FNZ and GBST capital markets division are coming together to expand our presence in securities trading and post-trade processing. 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.”
Webster added:
“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.”
Phillip Cave, Anchorage Capital Partners Founder and Chairperson, remarked:
“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.”
Cave added:
“We are impressed with the quality and commitment of GBST’s management team and employees, its market leading technology, and its long-standing relationships with clients and suppliers. We look forward to working with all GBST Wealth Management stakeholders in a partnership that will provide both stability and continued investment to deliver best-in-market solutions for GBST’s current and prospective clients.”
Rob DeDominicis, CEO at GBST, said:
“This is a key milestone for GBST, and we are delighted to have been acquired by Anchorage Capital Partners, which has a strong reputation of investing in organizations like ours with outstanding market potential and an enviable list of Tier 1 financial services clients. We are pleased to have the support of Anchorage to drive continued growth, including expansion in key existing markets such as the UK and Australia.
The acquisition of GBST by Anchorage Capital Partners “completed on 22 December 2021, and the reacquisition of the capital markets division by FNZ is expected to complete in Q1 2022.”
The announcement also mentioned that terms of the agreement are “not being disclosed” and both the purchaser and the transaction “have been approved by the CMA.”