FNZ, the fintech firm running several UK platforms, is to acquire Dublin-based third-party admin provider Irish Progressive Services International (IPSI) from Irish Life.

The acquisition continues the Australian firm’s European expansion although its proposed takeover of rival GBST is still under review by the UK’s Competition and Markets Authority.

FNZ, which is responsible for more than £400bn in assets, serves numerous clients including 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.

FNZ says its takeover of IPSI will enhance its range of services and open “significant” growth opportunities for the Irish firm.

IPSI was established in 1998 and offers end-to-end, third party admin to the life insurance and pensions industry.

IPSI currently employs more than 250 people and looks after more than £25bn in assets under administration (AUA).

Adrian Durham, chief executive, FNZ Group, said: “The IPSI team have done a fantastic job of developing a sophisticated proposition and cultivating a strong, long-term client base.

“Bringing together IPSI’s solutions and FNZ’s core technology and global client relationships will allow us to capitalise on the opportunities we see in the market.

“We are committed to investing in IPSI and look forward to welcoming the management team into the FNZ Group and working closely to develop the inherent potential in the business.”

James Parker, chief executive of IPSI, said: “We are delighted at the opportunity to work with our new owners, FNZ, to leverage their technology solutions to the benefit of our existing clients and policyholders, and explore new opportunities in growth markets.”

The transaction is subject to regulatory approval.