Global wealth management platform FNZ has signed an agreement to acquire Germany-based specialised wealthtech company DIAMOS, for an undisclosed sum.
DIAMOS is engaged in providing software development services for the financial industry, primarily in the Germany, Austria, Switzerland, Liechtenstein, and Luxembourg markets.
With more than 100 employees and a strong development team, DIAMOS has been developing advanced wealth management solutions for more than 30 years.
Through the acquisition, FNZ will add DIAMOS’s advanced product and service solutions to its wealth management platform, and strengthen its global client proposition.
In addition, it will benefit from German wealthtech’s technology expertise in fund administration and alternative investments, along with expertise across the entire wealth management value chain.
The acquisition, which is subject to regulatory and other approvals, will support the FNZ’s plans to expand its footprint in Germany and Europe.
DIAMOS owner and CEO Wilhelm Velten said: “We are thrilled to be joining FNZ as we continue to transform the industry. In partnership, we will now accelerate the growth trajectory that DIAMOS has achieved by leveraging the strength and global expertise of the FNZ team.
“DIAMOS’ clients will benefit from FNZ’s global scale and investment. Our employees will be critical to delivering on this ambition, which offers even more exciting long-term career opportunities in the future.”
Upon completion of the acquisition, FNZ plans to hire more than 1,000 people across the DACH region and more than 5,000 worldwide.
By combining technology, infrastructure, and investment operations into an advanced, single platform, FNZ offers personalised services and wealth products to its clients.
The wealth management platform currently has more than $1.5trillion in client assets, for over 20 million investors worldwide.
It works in partnership with more than 650 large financial institutions and 8,000 wealth management firms in 21 countries, claimed FNZ.
FNZ Group CEO Adrian Durham said: “We are excited to be making another significant investment in the German wealth management sector and are delighted to partner with the DIAMOS team, given their successful record and deep knowledge of the market.”
