Global wealth management platform FNZ has completed its previously announced acquisition of Fondsdepot Bank, an independent trading and custody platform in Germany.
In November 2021, FNZ has signed a definitive agreement to acquire Fondsdepot Bank.
According to FNZ, the acquisition represents its further investment in the German market.
It will combine the complementary strengths of investment platform ebase, specialist wealth tech provider DIAMOS and Fondsdepot Bank, said the wealth management firm.
As part of the acquisition, Fondsdepot Bank CEO Sebastian Henrichs will continue in the same position, while also leading FNZ Germany.
ebase CEO Kai Friedrich will continue in the same position, and will be appointed as FNZ European Integration head.
Fondsdepot Bank CEO Sebastian Henrichs said: “I am very excited about the opportunity to join FNZ and to work with such a strong team.
“Together, we will continue to grow FNZ’s market-leading client offering by leveraging our combined platform capabilities and market knowledge.
“All of our employees will play a critical role in achieving this goal, creating even more exciting career opportunities in the future.”
Established in 1993, Fondsdepot Bank is a business-to-business (B2B) and business-to-business-to-consumer (B2B2C) independent bank operating in Germany.
It works with over 330 fund providers, and more than 200 distribution partners, offering over 12,000 investment funds and ETFs and customers’ portfolios in custody accounts.
After closing the acquisition of Fondsdepot Bank, FNZ has more than 1,000 employees, over €120bn in assets under management, and more than 2 million customers in Germany.
The company is enabled to serve more than 650 partners, including Allianz Global Investors, AXA, BNP Paribas, Generali, Gothaer, comdirect und WWP.
FNZ Group CEO Adrian Durham said: “We are delighted to have successfully completed the acquisition of Fondsdepot Bank, which, together with ebase and DIAMOS, accelerates our mission to open up wealth by making wealth management more accessible to more people.
“We also look forward to welcoming Sebastian. He has extensive leadership experience and a track record of success in the German wealth management sector, and I’m confident that the team will continue to grow FNZ’s business in Germany.”
In September last year, FNZ has signed an agreement to acquire DIAMOS, a Germany-based specialised wealth-tech company, for an undisclosed sum.
