FNZ and State Street are collaborating on a new wealth manager servicing venture. FNZ will acquire a majority stake in State Street’s wealth manager services (WMS) business, with State Street retaining a minority interest. Terms of the transaction, which is expected to close in Q4 2020, are not being disclosed. Upon full implementation, the new venture will combine the custody expertise of State Street with the international platform operated by FNZ, which services around 8,000 wealth management and financial advice firms across the UK, Europe and the Asia-Pacific regions. State Street will serve as sub-custodian for assets held by WMS clients. Lee Jones, currently a senior vice president in State Street’s institutional and wealth management market segments, will become CEO of the new venture.
