FNZ has acquired UK-based wealth management software provider JHC Systems (JHC).
London-headquartered JHC serves a number of the UK and Ireland wealth firms 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 – JHC Figaro, JHC Neon and JHC Xenon – offer portfolio management, account administration, regulatory compliance and risk analysis for clients and financial advisers.
JHC was founded in 1988, has more than half a million end users and manages £160bn ($200bn, €178bn) in assets under management.
It employs around 240 people at its offices in London, Birmingham, Newcastle and Dubai.
“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 Asia Pacific and continental Europe – and into new product areas,” said Adrian Durham, chief executive of FNZ.
John Blackman, chief executive at JHC, added: “Joining forces with FNZ is the perfect way for us to grow our business.
“FNZ will support JHC in enhancing and growing our SaaS (Software as a service) 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.”
The financial terms of the deal were not disclosed.
FNZ is responsible for more than £380bn in assets under administration, held by around seven million customers.
Its clients include some of the world’s largest financial institutions, such as Standard Aberdeen, Barclays, Lloyds Banking Group, Vanguard, Generali, Quilter, Santander, Aviva, Zurich, UOB, UBS, Findex and BNZ.
In total, FNZ partners with over 60 financial institutions globally and employs over 1,600 in London, Edinburgh, Bristol, Basingstoke, Sydney, Melbourne, Wellington, Hong Kong, Singapore, Shanghai and Brno, Czech Republic.