The global wealth management platform provider FNZ acquired Swiss-based technology company New Access. The goal of the strategic acquisition is for FNZ to expand its footprint in Europe.
Liechtenstein and Switzerland are world-renowned for their banks, and their technology companies get more publicity, too. The recent acquisition of the Swiss private banking technology company “New Access” by the international wealth management company FNZ proves the point.
What is New Access?
New Access is a specialized private banking technology firm that primarily serves Switzerland, Liechtenstein, and Luxembourg markets. It provides a scalable and modular Core-to-Digital solution suite „designed to meet the specific requirements of the private banking and wealth management industry,“ as the company describes itself.
The company’s digital front-end solution aims to enable digital transformation and improve customer satisfaction. The company has been operating for over 20 years exclusively in the private banking and wealth management sectors, supporting more than 60 customers globally.
Why the acquisition?
FNZ acquired New Access to expand its offering and expertise in the growing private banking sector and to increase its presence in Switzerland, Liechtenstein, and Luxembourg. It’s a good example of how acquiring an already running technology, and local talents can facilitate entry into a foreign market.
Switzerland, Liechtenstein, and Luxembourg are key markets for wealth managers. A company like FNZ, with the goal of capturing market share internationally, needs to have a strong presence in Europe’s wealth management center. The strategic acquisition of New Access followed the acquisition of the Swiss tech innovator Appway in February 2022.
Vincent Jeunet, CEO of New Access, said: “We are excited to be joining FNZ as we transform the industry and open up wealth together. Combining our solutions and expertise with the global strength, scale, and commitment of FNZ to the global private banking market is a great opportunity for New Access and our clients.”
With the acquisition, FNZ now has more than 200 local employees, and Switzerland will become a key private banking competence center driving further expansion within this vertical. According to company information, the global platform provider in the wealth management sector has over 4,500 employees globally, partners with over 650 financial institutions and over 8,000 wealth management firms.
Private banks are under constant pressure to create and scale digital offerings. FNZ aims to transform the industry with its full-service, end-to-end wealth platform. It enables wealth managers to deliver personalized services and innovative wealth products through digital channels. The platform today administers more than US$1.5 trillion in client assets for over 20 million clients worldwide.
“FNZ’s success has always been based on understanding the needs of our customers and providing them the solutions they need to grow their business,” said Adrian Durham, CEO of FNZ Group. „We are excited that FNZ and New Access are coming together to provide private banks and wealth managers with an unrivaled full service, end-to-end wealth management platform that will help them deliver significant operational efficiencies and improve the client experience.”
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