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Financial Advisory  + Wealth Management  |  January 25, 2023
Wealth Management Platform FNZ to Buy Fixed Income Fintech YieldX
Joe Palmisano
By: Joe Palmisano

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.

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FNZYieldX

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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