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FNZ to hire at least 30 people in Wellington office

Monday 2nd September 2013

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FNZ, the investment wrap platform developer spun out of First NZ Capital in 2007, plans to hire at least 30 people in its Wellington office as it seeks to build a global footprint.

The firm will look to hire software developers, business analysts and test analysts to support its existing business and prepare it for its next growth push, the Edinburgh-based company said in a statement. FNZ relocated its global headquarters to Scotland last year.

"AS FNZ continues to expand on a global scale, the need to hire the very best people becomes even more essential in achieving our ambitious growth targets," HR director Daniel Kashmir said. "Wellington has a talented workforce, which will ensure that we're able to recruit the right people with the right skills for FNZ to reach the next stage of development as a business."

FNZ's wrap platform, which allows brokers and investors to manage a portfolio through one portal, was developed when the company was still a unit within First NZ Capital.

Since it was spun out the company has opened offices in Sydney, Edinburgh, London, Bristol and Brno in the Czech Republic, with more than 700 staff.

As part of a restructure in 2011, the New Zealand unit sold its UK investments to an immediate parent for a gain of some $94 million. Just before the sale, FNZ Holdings New Zealand Ltd amalgamated its local subsidiaries showing net assets of some $39.5 million.

The local unit reported a net profit of $6 million in calendar 2012 on operating income of $19.4 million. The bottom line was bolstered by a $7.9 million deferred consideration from the sale of the UK investments, and FNZ Holdings New Zealand made an operating loss $4.1 million.

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