It follows talks with the UK’s Competition and Markets Authority (CMA) about the prospect of FNZ selling GBST to an independent third party approved by the watchdog, with a right to subsequently buy back a limited set of assets relating to the capital markets business. The CMA had blocked FNZ’s £150 million takeover of GBST as a whole.
Global wealth-management platform FNZ said reacquiring GBST’s capital markets division will let it expand its product and service offering to 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 conclude in the first quarter of 2022.
Scott Webster, MD of FNZ Securities, said: “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.
GBST chief executive Rob DeDominicis said: “This is a key milestone for GBST… 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.”
FNZ, led by CEO Adrian Durham, serves wealth-managers, banks, insurers and asset-managers in 18 countries, with more than $1.5 trillion (£1.1tn) in assets under administration.