UK-based fintech company FNZ has acquired JHC Systems, a provider of software services to the wealth management industry, for an undisclosed amount.
Based in London, JHC provides the core technology platform to several UK and Ireland’s wealth managers and platforms including AJ Bell, Alliance Trust Savings, Brooks Macdonald, Charles Stanley, Davy, FIS Platform Securities, Interactive Investor, LGT Vestra and Quilter.
Its software solutions, which include – JHC Figaro (Figaro), JHC Neon (Neon), and JHC Xenon (Xenon), are claimed to offer effective portfolio management, account administration, regulatory compliance and risk analysis for clients and financial advisers.
JHC’s software solutions are claimed to be used by more than half a million end users with £160bn in assets under management on the platforms powered by JHC software. The firm’s 240 employees are spread across its offices in London, Birmingham, Newcastle, and Dubai.
FNZ CEO Adrian Durham said: “JHC has a market leading and well-established technology platform in the UK, combined with new state-of-the-art digital solutions.”
“We see a great opportunity to not only consolidate our combined position in the UK market, but to take JHC technology propositions into new strategic territories – such as APAC and continental Europe – and into new product areas.”
Durham further added: “JHC’s founders and management team have done a fantastic job in developing a loyal client base of more than 60 financial institutions across all asset classes, currencies and instruments. We look forward to working with their team to maximise the potential of JHC’s business over the coming years.”
JHC CEO John Blackman said: “Joining forces with FNZ is the perfect way for us to grow our business. It is great news for our clients as FNZ is committed to investing in Figaro, Neon, and Xenon and supporting our plans for the future.
“FNZ will support JHC in enhancing and growing our SaaS offerings and gives JHC the opportunity to offer new, broader functionality to our clients.”
“This deal will provide the scale required for JHC to compete in the increasingly competitive fintech world particularly in wealth management where regulatory compliance and cyber security are of utmost importance.”
A few days ago, FNZ acquired German investment platform European Bank for Financial Services (ebase) from Comdirect Bank, a subsidiary of Commerzbank, in a deal worth €154m (£139m).
