The deal allows FNZ to further help its wealth management clients. Credit: RazorMax from Pixabay.

British wealth management platform FNZ is set to enhance its footprint in the US wealth market with the purchase of YieldX.

With headquarters in Miami, US, YieldX offers fixed income portfolio management technology as well as optimisation services and direct indexing solutions for the wealth management sector.  

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YieldX, which was established by Adam Green and Steve Gross in 2019, also operates an office in New York.

The firm caters to diverse clients, including wealth and asset managers, business-to-consumer (B2C) financial services and technology providers throughout the world.

The latest deal allows FNZ to provide its wealth management clients with tailor-made investment tools.

Once the deal is closed, YieldX’s digital infrastructure and technology tools will be incorporated into FNZ’s wealth portfolio.

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This integration will allow the firm’s clients to explore fixed-income opportunities across the globe and identify results on the basis of their risk profile.

After the finalisation of the deal, Green will become CEO of FNZ Asset Management for North America, while Gross will be the head of FNZ Asset Management Strategy for North America.

Financial details of the deal were not divulged.

FNZ CEO North America Tom Chard said: “We have a joint vision of opening up wealth by transforming the wealth management industry through more transparent, accessible, and personalised technology solutions.

“YieldX’s solutions perfectly complement our existing strengths and will further differentiate our offering for the benefit of all clients.”

The latest acquisition comes shortly after FNZ’s puchase of Germany’s Fondsdepot Bank.