FNZ, technology provider to a number of adviser platforms including Standard Life, Aviva and Old Mutual Wealth, is drawing up plans for a sale that could be worth up to £2bn, according to reports.
The business is in the process of appointing advisers for a sale of a majority stake in the company that could be valued anywhere between £1bn and £2bn, according to Sky News.
The company provides technology for Standard Life, Aviva, Old Mutual Wealth and Embark adviser platforms. It also provides technology to other financial groups, such as Barclays and HSBC.
General Atlantic and HIG Europe both currently own one-third of the company and are expected to sell their holdings, while the remaining third is held by FNZ’s management team.
Aviva switched from OpenWealth technology, provided by Bravura, to FNZ technology in January. The technology change caused several issues for advisers, ranging from late income payments to IFAs being unable to look at client valuations.
Despite these glitches, Old Mutual Wealth, which is currently changing its name to Quilter, decided to move its platform to FNZ technology.
According to Sky News sources, the members of the management team were not looking to sell “significant chunks” of their stakes in the business, which is headquartered in London.
The sale process is expected to kick off before the end of the year.