UK-based financial services company FNZ has secured $650m in new equity from its existing institutional shareholders and several client investors.
FNZ said that the funding will provide additional capital to support its long-term business plan and operations.
The funds come from the company’s major investors, including La Caisse, Generation Investment Management, Canada Pension Plan Investment Board (CPP Investments) and Motive Partners.
Its clients, including Aberdeen Group, Aviva, FirstCape, Ninety One and Nucleus Financial Platforms, also participated in the financing.
FNZ CEO Blythe Masters said: “Over the past year, we have created the conditions for FNZ’s long-term success: putting client delivery at the core of our plans, instilling operational discipline, and driving profitable growth.
“The opportunity ahead is huge, and this capital allows us to grasp it with both hands.”
FNZ said the capital injection will support its credit ratings and enable investment in technology, people and products as it pursues sustainable growth.
The company has recently partnered with Microsoft and launched products based on its in-house artificial intelligence (AI) to support financial advisers’ productivity.
This collaboration merges FNZ’s wealth management expertise and its global presence with Microsoft’s capabilities in AI, cloud infrastructure, and engineering.
Last month, FNZ announced the completion of the Section 166 review and related voluntary requirement (VREQ) in the UK.
This move follows the strengthening of its governance, delivery, risk management and operational frameworks, the company said.
In September this year, FNZ agreed to extend its technology partnership with AJ Bell, an investment platform based in the UK, for another decade.
The collaboration, which initially started in 2009, will see FNZ maintain its role in supplying the essential technology that powers AJ Bell’s dual-channel platform.
