FNZ, the global “wealth management platform” that has had operations in Edinburgh, announced that Stephen Welch has been appointed Executive Group Chair and will assume interim CEO responsibilities.
FNZ said Blythe Masters “is transitioning out of the Group Chief Executive Officer role” and will continue to support FNZ in an advisory capacity for six months to help ensure an orderly leadership transition.
Welch joined FNZ as chair only last month. He is a former director at right-wing news and opinion publishers The Telegraph and The Spectator.
“Stephen’s appointment reflects the Board’s commitment to accelerating the execution of FNZ’s strategic transformation programme, improving client delivery and supporting the Group’s progress towards long-term profitable growth … ” said the firm.
“The Board has begun a process to identify a permanent Group Chief Executive Officer. During the transition period, Stephen Welch will serve as Executive Group Chair on an interim basis alongside his role as Group Chair.
“FNZ’s strategy, transformation programme and client commitments remain unchanged. The Group will continue to focus on its core wealth management platform, improving the quality and consistency of client delivery, and transforming its operating model to drive efficiency and sustainable, profitable growth.
“The Board would like to thank Blythe for her significant contribution to FNZ over the past two years.
“During her tenure, FNZ has made substantial progress executing its transformation programme, strengthening its financial position, advancing key regulatory priorities, simplifying the Group through the divestment of non-core assets and continuing to grow assets on the platform, which now exceed $2.5 trillion.”
Welch said: “FNZ has a strong business, a clear strategy, market-leading technology and an exceptional client portfolio. I look forward to working closely with colleagues across the Group as we continue to execute our transformation programme, improve delivery for clients and build on the significant progress already made.
“On behalf of the Board, I would also like to thank Blythe for her leadership and significant contribution to FNZ. FNZ enters this next chapter as a stronger and more focused organisation, and I am confident in the opportunities ahead for the business, our clients, our shareholders and our people.”
On September 1, FNZ said it secured $450 million in new equity funding from its existing long-term institutional shareholders.
“The investment comes from some of the world’s most sophisticated investors, including La Caisse, Canada Pension Plan Investment Board (CPP Investments), Generation Investment Management and Motive Partners in support of FNZ’s continued transformation and long-term business plan,” said FNZ on September 1.
“This new capital will be used to invest in its technology platform, people, products and capture the significant market opportunity ahead.
“In the past year, the Group has continued to strengthen its franchise and sharpen its focus on its core wealth management technology business serving large financial institutions. FNZ has won and extended a number of key client partnerships across its core geographies and introduced FNZ Select, a premium proposition providing clients with enhanced service levels, advanced capabilities and additional platform support.
“The Group also agreed a number of significant disposals, including the sale of FNZ Bank in Germany, its Luxembourg-based fund platform, IFSAM, and its core banking software platform in Switzerland. These transactions are helping FNZ direct resources toward its strategic priorities and strengthen execution.”