FNZ, the global wealth management technology provider, has agreed to acquire Fondsdepot Bank, the German trading and custody platform.

Subject to receiving the necessary regulatory clearances, the acquisition is expected to close in mid-2022. The terms of the agreement were not disclosed.

Established in 1993, Fondsdepot Bank serves businesses and end-clients. It works with more than 330 fund providers and maintains relationships with over 200 distribution partners, offering them access to more than 12,000 investment funds and exchange-traded funds and the custody of their customers' portfolios in custody accounts.

Fondsdepot Bank, which employs around 500 people, manages more than one million investment accounts and over €60bn in assets under administration.

Under FNZ's ownership, Fondsdepot Bank's ambitions will remain focused on growing its digital platform whilst maintaining its strong position in Germany. Led by current chief executive Sebastian Henrichs, the team will benefit from FNZ's technology, resources, and international reach in their efforts to further scale Fondsdepot Bank's business.

Adrian Durham, Group CEO of FNZ, said: "We are excited to be making another strategic investment in the German asset and wealth management sector. We are keen on partnering with Fondsdepot Bank's management and team, given their successful track record and their deep knowledge and understanding of the market."

"This is another important milestone for FNZ Group and reaffirms our commitment to becoming a leading partner for digital financial services in Germany and Europe. We look forward to welcoming our new colleagues and working together to further develop our proposition in this strategically important market."

Sebastian Henrichs, CEO of Fondsdepot Bank, commented: "We are delighted to join forces with FNZ Group. In partnership with FNZ we will accelerate the growth trajectory that Fondsdepot Bank has achieved in recent years. By leveraging our platform capabilities and expertise in the market, alongside FNZ Group's scale and technology, we will be able to offer a strong value proposition to existing and future partners. Our employees will be critical to delivering on this ambition, which offers even more exciting long-term career opportunities in the future."

Headquartered in Edinburgh, FNZ provides an integrated technology, transaction and custody platform for wealth managers, banks, insurers, and asset managers in 18 countries across Europe, Asia-Pacific, and North America. The bank, which enables digital wealth management for around 12 million investors, has about €1trn in assets under administration.