FNZ Scores Sixth Win in Australia UBS Australia and vendor FNZ report that the bank has deployed the Syn~Ops post-trade securities processing product suite across multiple asset classes in markets around the globe — the sixth Australian firm to migrate to Syn~Ops. The FNZ’s Syn~ product suite offers “real-time trade and settlements processing capabilities at… Read More >>
FNZ Sells GBST But Will Buy Back Syn Suite
FNZ officials report that they have found a complicated, partial exit from their complicated acquisition of GBST, which was ultimately vetoed by a U.K. regulator, the Competition and Markets Authority (CMA). Known as a wealth management platform provider, FNZ has just announced that it has sold GBST to Anchorage Capital Partners, a global private equity… Read More >>
BNY Mellon Buys Optimal’s Indexing for ‘Pershing X’
Other BNY Mellon Units to Get Direct Indexing Too The Pershing clearing and custody services business of BNY Mellon is acquiring Optimal Asset Management, a direct indexing solutions provider, and will offer Optimal’s capabilities to advisory clients within Pershing, and to institutional and retail clients within BNY Mellon’s Investment Management business. If the acquisition… Read More >>
CMA Issues Blueprint for FNZ-GBST’s Breakup
U.K. regulator, the Competition and Markets Authority (CMA), published on August 25 its Final Undertakings report on FNZ’s acquisition of GBST, and it spells out the next steps for the FNZ-GBST breakup. The CMA wants this breakup because it has concluded that a combined FNZ-GBST would diminish competition in the retail investment platform solutions space…. Read More >>
FNZ Told for a Second Time to Undo GBST Acquisition
FNZ may have to undo its acquisition of GBST because a regulator in the U.K. — the Competition and Markets Authority (CMA) — has again determined that the union of FNZ and GBST would “substantially lessen competition” and is reviewing “different remedy options to address these concerns,” CMA officials say. GBST provides the Syn~ suite… Read More >>
U.K. Regulator Orders FNZ to Undo GBST Acquisition
A U.K. regulator is ordering wealth management vendor FNZ to undo its controversial takeover of GBST and sell the back-office technology vendor because, the regulator argues, the merger could lead to a “reduction in the quality of service and higher prices” for retail investment platforms. The acquisition was completed before the U.K. Competition and Markets… Read More >>
FNZ Takes Aim at GBST Merger Ban
Wealth management vendor FNZ’s controversial takeover of GBST is back in the news as FNZ is responding to the initial decision by the Competition and Markets Authority (CMA) to block the acquisition. At the same time, GBST appears to be willing to accept the U.K. regulator’s findings. In a provisional finding, the CMA earlier this… Read More >>
U.K. Regulator Blocks FNZ’s Purchase of GBST
U.K. regulator, the Competition and Markets Authority (CMA) has decided to block FNZ’s controversial acquisition of GBST, arguing that the combined company will lead to less competition, which could foster higher costs and a drop in the quality of service for U.K. consumers. After a fierce bidding war last summer that involved FNZ’s competitors Bravura… Read More >>
FNZ-GBST Merger Under Scrutiny in the U.K.
CMA Starts Phase 2 Review of FNZ-GBST Union A U.K. regulator, the Competition and Markets Authority (CMA), is moving ahead with a formal investigation into FNZ’s acquisition of GBST Holdings Ltd., following a recent announcement that CMA officials were mulling this next step. “On 30 March 2020, the CMA decided that it was or may… Read More >>
GBST Rejects SS&C in Favor of FNZ’s Bid
Back-office technology vendor GBST Holdings Ltd., based in Brisbane, Australia, has reversed course and is not likely to be acquired by SS&C Technologies. The GBST board has embraced the latest takeover bid from SS&C’s rival, FNZ Group, a U.K.-based financial technology provider. In the latest announcement, GBST officials announced that they have agreed to a… Read More >>
