FNZ acquires wealthtech start-up YieldX
Global wealth management platform FNZ has acquired US-based wealthtech start-up YieldX for an undisclosed sum.
FNZ acquires wealthtech start-up YieldX
YieldX provides fixed income portfolio management technology, optimisation services, and direct indexing tools for home offices, asset managers, and financial advisors.
FNZ says the start-up’s tech will be integrated into its wealth platform to “enable clients to scan the universe of fixed-income opportunities globally, and quickly identify the outcomes that mirror their desired term and yield, based on their risk profile”.
It adds the deal will boost its presence in the US market as it looks to “deliver personalised investment solutions to more people across the wealth management industry”.
YieldX was founded in 2019 by Adam Green and Steve Gross. Post-acquisition, Green will join FNZ as CEO of asset management, with Gross joining as head of asset management strategy. The two will be tasked with supporting the firm’s US growth plans.
FNZ currently claims to administer “more than $1.5 trillion in client assets representing over 20 million investors worldwide”. Its list of partners includes Barclays, Envestnet, Lloyds Bank, Santander, and Vanguard.
The deal to buy YieldX comes just days after FNZ announced the completion of its acquisition of German commercial bank Fondsdepot, which was initially announced back in late 2021.
Over 2022, the firm also acquired German wealthtech provider Diamos and private banking tech provider New Access. These moves came after the company secured $1.4 billion in funding last February from CPP Investments and Motive Partners to turbocharge its expansion.
