
Wealth Management Platform FNZ to Buy Fixed Income Fintech YieldX
Wealth management platform and global financial services provider FNZ has made its second acquisition of the year, buying Miami-based YieldX, a provider of fixed income portfolio management technology as well as optimization services and direct indexing solutions for the wealth management sector.
Financial terms of the deal were not disclosed.
Following the acquisition, YieldX co-founders Adam Green and Steve Gross will join FNZ as CEO of Asset Management and Head of Asset Management Strategy, respectively.
The deal is less than a week after UK-based FNZ announced it completed its purchase of German commercial bank Fondsdepot, which was initially announced in late 2021.
In 2020, FNZ entered the US market when it acquired State Street’s wealth manager services business. In April of 2021, the company launched its own US wealth management venture, FNZ Trust Company.
FNZ states it currently serves 650 “large” financial institutions and 8,000 wealth management firms encompassing $1.5tn in client assets representing 20mn global investors.