FNZ is to expand the accessibility of wealth management services in the South African market with the acquisition of third party administrator Silica.
Silica was established by Ninety One, formerly Investec Asset Management, in 1999 and provides third-party administration and technology to asset managers and investment product providers throughout South Africa.
The company employs more than 400 people and services some 1.3 million active investor accounts, with more than €100 billion in assets under administration.
Adrian Durham, FNZ CEO says: "We admire the strong client franchise that Silica has created over the past 20 years and look forward to building on this excellent foundation to continue the evolution of wealth management in South Africa."
The transaction is subject to regulatory approval and its value is not being disclosed.