FNZ acquires German commercial bank Fondsdepot
Wealth management company FNZ has announced its acquisition of German lender Fondsdepot Bank, with the deal expected to close in mid-2022.
Founded in 1993 and based in Hof, Fondsdepot Bank provides commercial lending, trading, and custody services.
The bank claims to offer access to over 12,000 investment funds via 200 distribution partners. It employs around 500 people and manages a reported €60 billion in assets.
FNZ, which has not disclosed the value of its deal, plans to grow the bank’s digital platform. Naturally, Fondsdepot will be furnished with a handful of FNZ solutions as part of the deal.
“We are keen on partnering with Fondsdepot Bank’s management and team,” says FNZ group CEO, Adrian Durham.
Sebastian Henrichs, CEO of Fondsdepot Bank, reckons that through FNZ his firm can “accelerate” a “growth trajectory” and create a valuable combination of technology and services.
FNZ is one of the more acquisitive wealth management vendors in the market.
Late last year it finalised the purchase of South African investment firm Silica.
The UK Competition and Markets Authority blocked the GBST deal over concerns it would be a “substantial lessening” of competition in August 2020.