FNZ, a global wealth management platform with over EUR700bn in assets under administration, has agreed to acquire South African third-party administrator Silica from Ninety One. Silica was established by Ninety One (then Investec Asset Management) in 1999 and provides third-party administration and related technology solutions to asset managers and investment product providers (including Ninety One) throughout South Africa. Silica employs more than 400 people and services some 1.3 million active investor accounts, with more than ZAR1.85trn (approximately USD120bn) AuA. The transaction is subject to regulatory approval and its value is not being disclosed.
