British wealth management firm FNZ has reached an agreement to buy Luxembourg-based B2B fund platform International Fund Services & Asset Management SA (ifsam).

Ifsam, which has been authorised by Luxembourg’s Commission de Serveillance du Secteur Financier (CSSF), facilitates the implementation of subscription and redemption procedures.

It also helps in the custody of fund shares for various investment funds, such as alternative fund products comprising hedge funds, private equity and venture capital funds.

With the new deal, FNZ aims to offer its asset manager and distributor clients with new product, research, data and service solutions.

The clients will also be able to avail additional expertise to cater to diverse alternative asset classes and enhance their capabilities across the wealth management industry.

Ifsam managing partner Luc Duarte will retain his position and will handle the firm’s current partnerships with more than 30 distributors and 300 key asset managers across the globe, once the deal is closed.

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Financial details of the acquisition, which awaits regulatory approval, were not divulged.

FNZ group chief strategy officer Din Mustaffa said: “The acquisition broadens our fund servicing capabilities and reach, particularly by expanding our footprint in the largest European fund hub and our coverage of alternative asset classes that are becoming an increasingly important component in servicing our partners.”

The latest deal comes shortly after FNZ revealed its plan to buy YieldX, which offers fixed income portfolio management technology, among others.