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Canada's CDPQ, Al Gore's Generation buy majority stake in fintech firm FNZ

Published 10/09/2018, 06:04 AM
Updated 10/09/2018, 06:10 AM
© Reuters.  Canada's CDPQ, Al Gore's Generation buy majority stake in fintech firm FNZ

© Reuters. Canada's CDPQ, Al Gore's Generation buy majority stake in fintech firm FNZ

(Reuters) - Canada's second-largest pension fund CDPQ and Generation Investment Management LLP said on Tuesday they were buying a majority stake in UK-based fintech firm FNZ in a deal valuing FNZ at 1.6 billion pounds ($2.09 billion).

CDPQ and Generation partnership will buy out two-thirds of FNZ owned by U.S. private equity firms General Atlantic and HIG Capital, while around 400 shareholding employees will continue to own a third of FNZ after the deal, they said.

The FNZ deal is the first of a $3 billion investment that CDPQ and Generation Investment, co-founded by former U.S. vice president Al Gore, plan to make over the next 8 to 15 years, according to a joint statement.

FNZ, founded in 2003 in New Zealand, and bought out by its management and HIG capital in 2009, provides its clients cloud-based wealth management platforms.

FNZ is currently responsible for more than 330 billion pounds of assets under administration held by its clients, including Standard Life (LON:SLA) Aberdeen, Santander (MC:SAN), Lloyds (LON:LLOY) Bank and Vanguard among others, the company said.

($1 = 0.7663 pounds)

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