Supplier of risk and compliance solutions, FMConsult, has been bought by fscom, the governance, risk, and compliance consultant.

According to fscom, the deal has solidified the company’s position as a recognised innovator in the industry and has quickened its entry into asset and fund management.

Jamie Cooke, CEO of FSCom said: “We are delighted to announce the acquisition of FMConsult as a pivotal step in fscom’s expansion strategy for our asset and fund management practice. FMConsult’s expertise and experience complements fscom’s wider governance, risk and compliance offering. This acquisition bolsters our ability to offer a comprehensive solution that meets the demand for compliance services within the sector.”

The purchase, which was recommended by commercial law firm Davidson McDonnell and corporate finance experts NovitasFTCL, will enable fscom to expand its advisory capabilities and set itself up for rapid development within the financial services industry.

FMConsult, formed in 2004 by Jim Fleming and Dallas McGillivray, focuses on risk and compliance solutions for asset managers.

Andy Hicks, managing director of FMConsult added: “Through fscom, FMConsult now has the potential to provide both existing and future clients with the opportunity to access a multi-disciplinary team of experts across regulatory compliance, financial crime and cyber security to supplement its experienced industry experts in delivering outstanding client solutions. This will give our clients enhanced peace of mind that their governance, risk, and compliance requirements will be met. It is an exciting time for FMConsult, and we are looking forward to growing with the support of the wider fscom group.”

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Cooke concluded: “FMConsult provides us with immediate growth opportunities and further strengthens fscom’s commitment to the asset and fund management market in the UK and Ireland.”

The commercial name FMConsult will remain part of the FSCom Group, operated by Fleming McGillivray &Co (UK).

In other deals, ZILO has signed an agreement with global investment and retirement savings business, Fidelity International. Specifically, the deal delivers ZILO’s cloud-based transfer agency platform as part of its private assets business operating model.

This follows Fidelity International Strategic Ventures investment in ZILO as part of its £25m Series A funding round in 2023.

This agreement will integrate ZILO into the infrastructure of Fidelity International’s private assets business. The aim is to provide a modern transfer agency solution to support product growth.