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Indosuez Wealth Management Acquires Most Of Wealth Dynamix
The transaction extends collaboration between the firms that started in 2019.
(Updated with commentary from firm.)
France-based Indosuez
Wealth Management today said that it has acquired 70 per cent
of Wealth
Dynamix, the London-based fintech founded in 2012 which
provides client lifecycle management solutions to private banks,
wealth management and asset management firms.
The financial size of the stake was not disclosed.
The firm’s majority stake deal extends the collaboration
initiated in 2019 between Indosuez, its subsidiary Azqore, which
specialises in outsourcing information systems and processing
banking operations for private banking and wealth management
players, and Wealth Dynamix.
Indosuez said the transaction strengthens Azqore’s position in
the outsourced banking services’ market while complementing its
platform in a key area of client relationship management. It will
also enable Azqore to speed up its standing as an innovative
business and win new clients, the firm said in a statement.
“We have been working strategically with Indosuez and Azqore for
a number of years. We can now further deepen our relationship.
Crucially, this partnership allows us to retain our agility and
entrepreneurial spirit whilst simultaneously leveraging the
strength [that] an organisation like Indosuez group provides.
This will allow us to better service our current and future
clients, accelerate the evolution of our products and ultimately
provide us greater opportunity for growth,” Gary Linieres, CEO of
Wealth Dynamix, said.
Jacques Prost, CEO of Indosuez Wealth Management, said: “This
operation, which reinforces Indosuez’s innovation dynamic, will
enable Azqore to broaden its offer and strengthen its value
proposition, thus contributing to its attractiveness in its
market. It will also benefit the development and transformation
of all its partners by allowing for more personalisation,
digitalisation and autonomy for their clients.”
The impact
“The rationale for us to enlarge our offering to other banks via
Azqore by providing this [Wealth Dynamix] proposition,” Romain
Jerome, Indosuez Wealth Management’s chief digital officer, told
this news service after the deal was announced.
The service of which Wealth Dynamix is now a part is pitched at
Tier 1 and 2 banks. It can also be proposed to private banks and
wealth managers of all sizes including small and medium-sized
players looking for turnkey solutions, he said.
“This gives us the tools for wealth managers to run their
relationships with clients – and that’s key,” Jerome
continued.
“Regulation is getting much stronger and without digital tools it
is difficult to comply with all these regulations,” he said.
Asked about the impact of the Indosuez purchase of Wealth
Dynamix, Jerome replied, he said its team will retain its
distinctive identity after the acquisition, he said. “The brand
remains the same. We want to keep the innovative spirit and the
agility of the company.”