Canada's CDPQ, Al Gore's Generation buy majority stake in fintech firm FNZ [Reuters]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Reuters
Canada's CDPQ, Al Gore's Generation buy majority stake in fintech firm FNZ | Reuters 2 Min Read (Reuters) - Canada’s second-largest pension fund CDPQ and Generation Investment Management LLP said on Tuesday they were buying a majority stake in UK-based fintech firm FNZ in a deal valuing FNZ at 1.6 billion pounds ($2.09 billion). CDPQ and Generation partnership will buy out two-thirds of FNZ owned by U.S. private equity firms General Atlantic and HIG Capital, while around 400 shareholding employees will continue to own a third of FNZ after the deal, they said. The FNZ deal is the first of a $3 billion investment that CDPQ and Generation Investment, co-founded by former U.S. vice president Al Gore, plan to make over the next 8 to 15 years, according to a joint statement. FNZ, founded in 2003 in New Zealand, and bought out by its management and HIG capital in 2009, provides its clients cloud-based wealth management platforms. FNZ is currently responsible for more than 330 billion pounds
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