Posted in: Institutional Capital Markets, Wealth Management Administration
FNZ, a leading global wealth management platform, has completed the sale of financial technology provider GBST to Anchorage Capital Partners, a leading global private equity fund with extensive financial services and systems experience.
Anchorage Capital Partners investment is focussed on GBST’s Wealth Management division and is committed to supporting GBST’s experienced management team to execute on its growth strategy and deliver market leading solutions to clients. This includes support for continued investment and the rollout of the technology transformation of GBST’s market leading platform solution Composer to current and prospective clients.
Following the transaction, FNZ will reacquire GBST’s capital markets division including the experienced GBST capital markets team and the market leading Syn~ product suite, which provides proven, seamless and scalable real-time trade and settlements processing capabilities at a global level.
This will provide FNZ with the opportunity to expand its product and service offering to both existing and future clients and accelerate the growth and reach of its global capabilities in listed securities trading and post-trade processing.
Scott Webster, Managing Director 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.”
“FNZ reacquired the GBST capital markets division because of its talented employees, well-established products and its deep relationships with major financial institutions across the world. We are committed to ensuring these relationships, and the quality of the capital markets services, continue to be enhanced as part of the FNZ Group.”
Phillip Cave, Anchorage Capital Partners Founder and Chairman said: “We are thrilled to acquire GBST’s Wealth Management business and are committed to further investment supporting GBST management’s long-term growth plans and future pipeline of opportunities in the UK and Australia for its market leading wealth management administration platform and services.”
“We are impressed with the quality and commitment of GBST’s management team and employees, its market leading technology, and its long-standing relationships with clients and suppliers. We look forward to working with all GBST Wealth Management stakeholders in a partnership that will provide both stability and continued investment to deliver best-in-market solutions for GBST’s current and prospective clients.”
Rob DeDominicis, Chief Executive Officer of GBST said: “This is a key milestone for GBST, and we are delighted to have been acquired by Anchorage Capital Partners, which has a strong reputation of investing in organisations like ours with outstanding market potential and an enviable list of Tier 1 financial services clients. 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.”
“We look forward to accelerating the development of our award-winning wealth management solutions, continuing to rollout the Composer E-VOLVE technology transformation, developing further innovative cloud-based solutions for the wealth management market, and expanding our team and capabilities. We are confident that Anchorage Capital Partners will work closely with GBST’s experienced and knowledgeable management to add value to the business through capital investment and operational expertise.”
The acquisition of GBST by Anchorage Capital Partners completed on 22 December 2021, and the reacquisition of the capital markets division by FNZ is expected to complete in Q1 2022. Terms of the agreement are not being disclosed. Both the purchaser and the transaction have been approved by the CMA.
About Anchorage: Anchorage Capital Partners is an Australian-headquartered global private equity firm with extensive experience in the financial services sector. Anchorage has managed commitments from investors of around AUD1 billion (approx. GBP534 million).Anchorage Capital Partners position in the private equity market is well established, with a successful track record of cross border experience and adding value to investments through collaborative relationships with management teams and capital to support growth initiatives.
About GBST: GBST provides financial services technology to the wealth management and capital market sectors globally. The company creates vital back, middle, and front-office technology solutions for wealth managers, life and pension companies, global and regional investment banks, stockbrokers, and fund managers. Founded in 1983, GBST works with over 100 organisations across Australia, Asia, the UK, and the US. Its wealth management technology supports over 5.5 million investor accounts under administration with Direct to Consumer, Advised and Workplace channel solutions for a number of leading institutions.
Phillip Cave and Beau Dixon from Anchorage Capital Partners will be joining Robert DeDominicis, Chief Executive Officer of GBST, on the GBST Board.