The financial technology company FNZ announced that it acquired JHC Systems Ltd (JHC), UK-based software provider to the wealth management industry.
FNZ is a global fintech firm that partners with banks, insurers, and asset managers and is responsible for more than £380 billion in assets under administration, held by around 7 million customers of some of the world’s largest financial institutions.
“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,” said Adrian Durham, chief executive of FNZ.
London-headquartered JHC’s software solutions facilitate more effective portfolio management, account administration, regulatory compliance and risk analysis for clients and financial advisers for a number of wealth managers and platforms across Ireland and the UK, such as AJ Bell, Alliance Trust Savings, Brooks Macdonald, Charles Stanley, Davy, LGT Vestra and Quilter. JHC claims to have over half a million end users and £160 billion in assets under management on platforms powered by JHC software.
John Blackman, chief executive at JHC, said: “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.”