Platform engine FNZ has agreed to sell its German banking arm FNZ Bank to Advent as part of a restructure to focus on its core wealth management technology business.
The deal, for an undisclosed sum, is expected to be completed in the second half of 2027, subject to approvals.
The platform technology provider said the deal supports its long-term growth ambitions by ‘reinforcing its positioning as a technology platform provider for wealth businesses globally’, including in Germany where FNZ Bank will remain a client under the terms of the deal.
Blythe Masters, group CEO of FNZ, said: "This transaction supports FNZ's sharper focus on its core platform, providing wealth management technology to leading financial institutions. We look forward to continuing our relationship with FNZ Bank following completion, leveraging FNZ's technology capabilities to support innovation and growth in the German market."
FNZ has come under considerable scrutiny from advisers and platforms over the past year following concerns over financial stability, with the firm admitting its costs had risen by 55% over the past five years, and concerns around the number of UK adviser platforms reliant on its technology.
The global platform engine posted a $1.4bn (£1bn) loss in 2025. It has also seen changes to more than a third of its board over the past year.
Several commentators from the UK adviser platform market have been vocal about concerns for FNZ's future.
Martin Jennings, CEO of Parmenion, shared concerns in July about reports that FNZ's largest investor, Canadian pension plan Caisse de dépôt et placement du Québec (La Caisse), has hired a management consultancy to create restructuring and cost-cutting plans for the platform engine.
The global platform engine responded to concerns by raising $2bn from shareholders to launch a new premium service proposition which it claims will provide clients with enhanced service levels, advanced capabilities and additional platform support. The new service is known as FNZ Select.
The firm said the launch represented a significant milestone in its mission.
In July 2025 it announced a five-year global strategic partnership between FNZ and Microsoft, aimed at accelerating digital transformation in the wealth management industry and enhancing FNZ’s AI, automation and cloud capabilities worldwide.
FNZ claims to have more than 650 financial institution partners, more than 30m end investors and £2.4trn (£1.8trn) in assets on its platform.
The business was founded in New Zealand in 2003 and has more than 7,000 employees globally based in more than 30 locations across the world.