Wealth management platform FNZ has completed the sale of fintech provider GBST to private equity fund Anchorage Capital Partners.
Anchorage will acquire GBST’s wealth management division and will support the rollout of its Composer platform.
No financial details of the transaction were disclosed but following the sale, FNZ will reacquire FNZ’s capital markets division, including the staff and the Syn~ platform.
According to Scott Webster, managing director of FNZ Securities, the transaction is designed to expand the firm’s presence in the securities trading and post-trade processing markets.
“Capital markets continue to undergo major structural change that will require service providers to renew their systems and processes,” said Webster. “This creates a huge opportunity to combine the complementary product strengths of FNZ and GBST’s capital market division.”