FNZ agrees to sell German custody bank to Advent and HarbourVest consortium in wealthtech refocus #

FNZ has agreed to sell its German banking subsidiary, FNZ Bank, to private equity firm Advent International and a consortium that includes HarbourVest Partners. The London-based wealth management platform said the transaction is part of a strategic refocus on its core technology business. Financial terms were not disclosed by either party.

FNZ Bank operates as a custody bank in Germany with approximately €155 billion in assets under custody, according to Axios Pro. The unit connects more than 50,000 financial advisers, 200 asset managers, and over 400 distribution partners in the German financial services market, according to PE Hub.

FNZ acquired the business from Commerzbank in 2019 for approximately €154 million. At the time it operated as ebase, a retail funds platform. Under FNZ’s ownership it was rebranded FNZ Bank Deutschland and later incorporated as FNZ Bank SE, repositioned as a custody and platform services provider for insurers, lenders, and wealth managers in Germany.

FNZ manages more than $2 trillion in assets globally and works with over 650 financial institutions. The company raised $650 million in new equity from existing institutional shareholders in late 2025. CEO Blythe Masters, who succeeded founder Adrian Durham in September 2024, has been conducting a strategic review of the company’s portfolio. The sale of FNZ Bank is part of a broader asset rationalisation aimed at concentrating the group on its technology and platform business.

Earlier Bloomberg reporting identified Advent as one of the final bidders for the German unit, competing against at least one other suitor. Valuation estimates ranged from above €400 million to as high as €500 million. The agreed price has not been publicly confirmed.

The transaction is subject to regulatory approvals. Advent International is a global private equity firm; HarbourVest Partners is a private markets investment manager.

Source: PE Hub