FNZ, the fintech firm behind several UK platforms, has completed the takeover of Australian rival GBST Holdings, a provider of technology to capital markets and the wealth management sector.

The deal was announced earlier this year and sees the two combine to form a major global platform business.

Both have offices in UK and work with many UK platforms, providing the ‘engine’ behind the platforms.

FNZ clients include Aviva, Barclays, HSBC, Lloyds Banking Group, National Australia Bank, Quilter, Santander, Standard Life Aberdeen, UBS, Vanguard and Zurich. GBST clients include AJ Bell, Raymond James and Vitality.

Adrian Durham, group chief executive of FNZ, said: “The acquisition of GBST marks the beginning of an exciting period of opportunity for both businesses.

“GBST has well established products, talented employees and deep relationships with major financial institutions globally. They are a strong strategic fit for FNZ, reinforcing our position as the leading B2B digital wealth management ‘platform as a service’ provider for financial institutions and their customers.”

FNZ is a global provider of platform as a service and employs more than 3,000 people.

It partners with banks, insurers and asset managers and is responsible for more than £400 billion in assets under administration, held by 8m customers.

Rob DeDominicis, chief executive of GBST, said: “On behalf of the GBST team, we are pleased to become part of the FNZ Group.

“GBST is a business that complements FNZ’s global offering and the combined business will reduce cost and complexity for financial institutions and consumers.”

Australian-owned FNZ operates in several countries including China, Germany,  Singapore and the UK.