Wealth management platform FNZ has entered into an agreement to buy specialist wealthtech outfit DIAMOS in Germany for an undisclosed sum.
DIAMOS, which has presence in Germany, Austria, Switzerland, Liechtenstein, and Luxembourg, mainly offers solutions to the asset and wealth management industry.
The firm, which has been serving the wealth industry for more than three decades, employs over 100 people.
The purchase of DIAMOS is expected to augment FNZ’s technology portfolio for fund administration and alternative investments, particularly in investment compliance, private equity, and real estate management.
The deal, which is subject to regulatory and other approvals, will enable FNZ to expand its footprint in Germany and continental Europe.
Following the closure of the deal, FNZ plans to hire over 1,000 employees throughout the DACH region and more than 5,000 people worldwide.
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FNZ group CEO Adrian Durham said: “The acquisition of DIAMOS reflects our continued focus on enhancing our client proposition, while bringing our innovative approach and investment to DIAMOS’ strong client base.
“We look forward to welcoming our new colleagues and working together to open up wealth, helping everyone to invest in their future, on their terms.”
Currently, FNZ is said to manage over $1.5 trillion in client assets for more than 20 million investors globally.
The deal comes close on the heels of FNZ making an investment in proptech Nokkel to augment property asset visibility.