abrdn and FNZ enter a strategic partnership to develop a new digital platform in Asia.
The new wealth platform will enable financial advisers to provide better investment outcomes for their clients more efficiently.
The announcement builds on the two firms’ long-standing, successful partnership in the UK which includes the development of one of the UK’s leading independent financial adviser (“IFA”) platforms.
Singapore, 2nd May 2024: abrdn, a global investment company, and FNZ, a leading global wealth management platform, are pleased to announce a strategic partnership in Asia that begins with the launch of a multi-distributor, open architecture, digital wealth platform for Asia, beginning with the Singapore market.
The new digital wealth platform will support independent financial advisory firms, banks, virtual banks, family-offices and insurance companies in the Asia region.
The platform will help financial advisers to execute high quality investment advice more efficiently and at a lower cost, resulting in better investment outcomes for their underlying clients. The platform will be capable of both discretionary portfolio management and self-directed solutions both through the advisor and/or client portals as well as standardised wealth APIs with further innovations to follow.
abrdn and FNZ have successfully partnered in the UK since 2005, developing a state-of-the-art platform for financial advisers that has grown to £75.2 billion assets under administration (AUA) making it one of the leading platforms in the UK. The platform provides financial planning solutions and technology for UK financial advisers, enabling them to create value for their businesses and their clients. It offers a combination of tools and services personalised to their needs, including access to the investment solutions that abrdn offers as well as a wide range of open architecture investment options.
Asia ex-Japan is anticipated to surpass the US in terms of financial wealth by 2025, and the number of millionaires across the continent is expected to more than double by the end of the decade – increasing from approximately 30 million to over 76 million . This significant growth presents an immense business opportunity for cutting-edge technology solutions in the wealth management sector, catering to the scalable needs of financial intermediaries.
Rene Buehlmann, Global CEO of Investments and Head of Asia Pacific, abrdn said:
Following the success of our UK adviser platform, we are delighted to be working with FNZ to launch a platform business in Asia that we believe will make a positive difference to the investment processes and investment outcomes for financial advisers and their underlying clients.
Asia is a key market for us and we are committed to delivering solutions that meet the evolving needs of investors in the region.”
Tim Neville, CEO Asia Pacific, FNZ said: “We are very excited to be building on our long-term relationship with abrdn to establish a multi-distributor wealth platform in Asia.
This is the first genuine multi-channel wealth platform in the region, specifically tailored to meet the diverse requirements of the Asian markets.