H.I.G. Growth Partners News
Paul McMahon Joins FNZ as UK CEO
LONDON - May 1, 2012 - Paul McMahon is to join FNZ as the CEO of its UK business. He moves from Aegon, where he held the role of Group Marketing Director. Prior to that Paul was responsible forgetting AXA into the platform sector with the development and launch of the AXA Elevate platform, which recently announced that it has grown to over £4 billion in assets under administration.
Adrian Durham, Group CEO of FNZ said, “FNZ provides the core operating platform for a significant portion of the UK savings and retirement sector. We are delighted to have someone of Paul’s calibrejoin FNZ. Paul will be responsible for all functions in the UK and will ensure that we continue to provide outstanding service to our customers, help them rapidly grow assets on platforms furtherand ensure that they are the winners in this rapidly evolving market. This provides a foundation for FNZ to continue to expand internationally, supporting a global transition to increased transparencyand efficiency in the retail savings and retirement sector.”
Paul McMahon said, “I have been actively involved with FNZ as a customer since very early in its evolution. I admire the impact FNZ has had in transforming the UK savings and retirement market,both ensuring that all of its customers are successful in the platform space, and rapidly building a highly successful scale business from a standing start a few years ago. The combination of the retaildistribution review and auto‐enrolment is bringing a seismic shift to the provision of retirement and savings services in the UK, which FNZ’s customers are very well placed to benefit from. I am veryexcited to be joining FNZ at this time and helping it take its business to the next level.”
FNZ is the leading provider of transaction and custody services to enable the platform sector in the UK. Its customers include Standard Life, AXA, Zurich, Friends Life, JPMorgan Asset Management,HSBC and Close Brothers Asset Management. It has helped these customers grow to over £20 billion of platform assets in aggregate over the past 6 years, having originally worked with Standard Life tolaunch their IFA wrap platform in 2006. FNZ started in New Zealand in 2003, expanded to the UK in 2005 and then the Australian market in 2010 where its customers include National Australia Bank,AMP, UBS and Australian Super. FNZ employs around 700 staff in the UK, Czech Republic, Australia and New Zealand.