FNZ, a global wealth management platform, has acquired South African third-party administration firm Silica from Ninety One, following receipt of the necessary regulatory approvals.

The acquisition further supports FNZ’s long-term strategy of expanding the accessibility of wealth management services in the South African market.

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 R1.85trn (approximately €100bn) in assets under administration.

This transaction provides Silica and its clients with an independent owner, solely dedicated to asset and wealth management infrastructure, with international scale.

Silica’s employees join a rapidly growing global platform business, with a long-term sustainable focus.

For Ninety One, the transaction enables an opportunity to simplify and focus on its core business areas, which includes its investment platform, a key part of its offering to financial advisors and their clients in South Africa.