FNZ and State Street Collaborate On New Wealth Management Servicing Venture
July 07 2020 - 8:00AM
Business Wire
FNZ and State Street Corporation (NYSE:STT) today announced that
they are collaborating on a new wealth manager servicing venture.
FNZ will acquire a majority stake in State Street’s Wealth Manager
Services business, with State Street retaining a minority interest.
Terms of the transaction, which is expected to close in Q4 2020,
are not being disclosed.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200707005467/en/
The new venture will, upon full implementation, combine the
custody expertise of State Street with the international platform
operated by FNZ, that today services around 8,000 wealth management
and financial advice firms across the UK, Europe and the
Asia-Pacific regions. State Street will serve as sub custodian to
the custody assets belonging to Wealth Manager Services
clients.
Adrian Durham, FNZ Group CEO commented, “We are excited
to be partnering with State Street and believe that the combination
of our digital wealth platform and their custody expertise will be
an attractive proposition for clients.”
“This is the first step in a long-term strategy to expand our
platform into the North American market. In the US, we see similar
long-term drivers in relation to cost, transparency, digitization
and personalization in asset and wealth management as other markets
in which we operate.”
Steve Nazzaro, executive vice president of State Street
said, “We are delighted to be working with FNZ Group to meet the
growing demand for personalized wealth servicing solutions while
also maintaining continuity with State Street’s strong custody
capabilities.”
Lee Jones, senior vice president of State Street, who
will join the new venture as chief executive officer upon closing
of the transaction, added, “We will benefit from a significant
investment in technology and people in order to expedite our growth
strategy, and we are excited about the future.”
Closing of the transaction is subject to regulatory approvals
and other closing conditions.
About FNZ
FNZ is a global platform-as-a-service provider, transforming the
way financial intermediaries serve their wealth management clients.
FNZ partners with wealth and investment advisors, trust banks,
trust companies, insurers and asset managers, leveraging technology
to enable wealth management services that are digital,
personalized, high-quality and low cost. FNZ is responsible for
more than $700 billion in assets under administration (AuA) in 14
international markets across UK, Europe and Asia-Pacific, and
employs around 3,000 worldwide.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $31.86 trillion in assets
under custody and/or administration and $2.69 trillion* in assets
under management as of March 31, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of March 31, 2020 includes
approximately $50 billion of assets with respect to which State
Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as
marketing agent; SSGA FD and State Street Global Advisors are
affiliated.
FORWARD LOOKING STATEMENTS
This News Release contains forward-looking statements within the
meaning of United States securities laws, including statements
about our goals and expectations regarding the closing of the
agreed sale of State Street’s Wealth Manager Services business to
FNZ, with State Street retaining a minority interest in the
venture, the intention to implement, and the capabilities of, FNZ’s
technology when implemented in the new venture, State Street’s
continuing commercial and other relationships with the new venture
and the capabilities of and opportunities for the new venture, as
well as other business, financial, industry and market factors.
Forward-looking statements are often, but not always, identified by
such forward-looking terminology as “will,” “expect,” “believe,”
and “opportunity,” or similar statements or variations of such
terms. These statements are not guarantees of future performance,
are inherently uncertain, are based on current assumptions that are
difficult to predict and involve a number of risks and
uncertainties. Therefore, actual outcomes and results may differ
materially from what is expressed in those statements. Important
factors that may affect future results and outcomes include,
without limitation: the ability to complete divestitures and
minority interest transactions, including, without limitation, the
ability to obtain regulatory approvals and satisfy closing
conditions, the ability to expand the use of technology to enhance
the efficiency, accuracy and reliability of operations and to
mitigate dependencies on information technology and the other
factors set forth in our 2019 Annual Report on Form 10-K and our
subsequent SEC filings. We encourage investors to read these
filings, particularly the sections on risk factors, for additional
information with respect to any forward-looking statements and
prior to making any investment decision. The forward-looking
statements contained in this News Release should not by relied on
as representing our expectations or beliefs as of any time
subsequent to the time this News Release is first issued, and we do
not undertake efforts to revise those forward-looking statements to
reflect events after that time.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200707005467/en/
Contact: State Street Brendan Paul 401-644-9182
Bpaul2@StateStreet.com
Contact: FNZ Alasdair Munro +44 7841 456 347
Alasdair.Munro@fnz.co.uk
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jul 2023 to Jul 2024