Wealth management provider FNZ has acquired Germany-headquartered Fondsdepot Bank.
With the acquisition, FNZ will employ more than 1,000 people and manage assets of over $120b for more than 2m customers in Germany.
Sebastian Henrichs will continue as chief executive officer of Fondsdepot Bank, while also leading FNZ Germany.
Kai Friedrich, who leads ebase as chief executive officer, will be appointed as FNZ’s head of European integration.
Adrian Durham, group chief executive officer of FNZ, commented: “We are delighted to have successfully completed the acquisition of Fondsdepot Bank, which, together with ebase and DIAMOS, accelerates our mission to open up wealth by making wealth management more accessible to more people.
“We also look forward to welcoming Sebastian. He has extensive leadership experience and a track record of success in the German wealth management sector.”
Henrichs added: “Together, we will continue to grow FNZ’s market-leading client offering by leveraging our combined platform capabilities and market knowledge.”
FNZ raised $1.4b in equity funding in February 2022, valuing the company at more $20b.
In other recent news for FNZ, the wealthtech appointed Renata Mrazova as group chief people officer to work on its long-term people strategy.