Private equity firm Anchorage Capital Partners has purchased GBST.
FNZ, the leading platform technology provider, completed its sale of GBST after the Competition & Markets Authority blocked FNZ’s attempted acquisition last year.
The initial acquisition was blocked due to the “higher costs and lower quality services” that could arise with the merger of two large technology providers.
Part of the deal with Anchorage Capital Partners will involve the reaquisition of GBST’s capital markets division by FNZ, while the private equity firm will keep the wealth management division.
Rob DeDominicis, chief executive officer of GBST, said: “This is a key milestone for GBST, and we are delighted to have been acquired by Anchorage Capital Partners, which has a strong reputation of investing in organisations like ours with outstanding market potential and an enviable list of Tier 1 financial services clients.
“We are pleased to have the support of Anchorage to drive continued growth, including expansion in key existing markets such as the UK and Australia.”
Phillip Cave, founder and chairman at Anchorage Capital Partners, added: “We are thrilled to acquire GBST’s Wealth Management business and are committed to further investment supporting GBST management’s long-term growth plans and future pipeline of opportunities in the UK and Australia for its market leading wealth management administration platform and services.”
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