FNZ founder steps back

FNZ founder Adrian Durham steps down as group chief executive, as the firm raises another US$1 billion of capital.

Monday, September 2nd 2024, 10:43AM

FNZ founder Adrian Durham, has decided to transition from his role as group chief executive to a non-executive role as founding director and senior advisor.

He will continue to sit on the group board and will remain a significant shareholder in the company.

FNZ has grown to a global company with over US$1.4 billion in annual revenue, employing 6,000 people in more than 30 countries, digitising savings and investment for over 24 million consumers with over US$1.6 trillion of savings, and in the process improving choice, transparency, lowering costs and helping people to save for their retirement.

Blythe Masters has been appointed as the new group chief executive. She joins with decades of experience in global financial services having formerly been a senior executive at JP Morgan, where she held numerous executive leadership roles spanning nearly three decades and was a member of the bank’s firm-wide executive committee. She has also served on various boards for major global financial services firms, including Credit Suisse and Santander.

Roman Regelman has been appointed as the new group president, reporting to Blythe. Regelman has more than 25 years financial services and technology experience driving transformational outcomes for global companies.

Additionally, Stephen C. Daffron will become a strategic adviser to the group. Daffron has been a technology and operational leader in financial services since launching his first company over 30 years ago, one of the early electronic trading systems. Since then, he has led technology, data and operations functions for Goldman Sachs and Morgan Stanley, as well as in the hedge fund space for Jim Simon’s Renaissance Technologies.

The three appointments bring expert sectoral knowledge with Masters and Daffron also bringing an understanding of FNZ’s business through their positions at the company’s strategic investor, Motive Partners, where they are founding partners.

The leadership changes come as FNZ’s existing shareholders, including some of the world’s largest institutional investors, have committed US$1 billion of capital to support the enduring success of the business over the long term.

Through this transition, FNZ will maintain its focus on sustainable growth, including continuous innovation and improvement of its unique offering, consistent delivery for clients, and maintaining high levels of retention.

Durham says, in a statement, "as FNZ continues to grow and innovate, I have decided that now is the right time to transition from my role as group chief executive to non-executive founding director and senior advisor. I am delighted to be handing over to such experienced new leadership as we also announce today that our institutional shareholders have committed US$1 billion of investment to support the ongoing success of the company.”

Masters says "we will be focused on the delivery of a sustainable growth strategy, underpinned by more than US$1 billion of investment. Our priority will be delivering world-class service for clients, working together with the FNZ teams across the world."

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