Platform provider FNZ has secured its second major UK client, signing on with Axa UK to create its wrap.

While neither party has officially confirmed the deal an FNZ insider told Investment and Technology News that a design team has been working inside Axa for the last couple of months on the project. The news should come as no surprise as strong market rumours began surfacing earlier this year that Axa had chosen FNZ as its wrap technology partner. FNZ, previously known as First New Zealand Capital wrap, scored a break-through deal two years ago winning a £35.5 million contract with UK financial services giant Standard Life. It is believed the Standard Life platform has garnered close to £500 million in funds under administration since officially launching last year. FNZ now employs almost 200 staff, most of whom are based in its Edinburgh headquarters. The group opened its Edinburgh office shortly after winning the Standard Life contract with its CEO, Adrian Durham, also moving there from his Wellington home to oversee the European operations. Axa is expected to announce its wrap plans within the next month.

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