Italy’s Objectway doubles down on North American wealth market with acquisition of Nest Wealth
Italian banking, asset and wealth management software provider Objectway has acquired Nest Wealth, a digital wealth solutions provider based in Toronto, Canada, for an undisclosed sum.
Nest Wealth acquired by Italy’s Objectway
The acquisition will see the Milan-headquartered fintech take ownership of Nest Wealth’s onboarding, account opening and financial planning offerings built for banks, custodians and asset managers.
It will also take charge of the wealthtech’s client portfolio, which includes wealth management firms Raymond James and Manulife Securities, and half of Canada’s six largest banks, including National Bank of Canada and National Bank Independent Network.
Recognising Canada as “one of the top ten most important wealth markets”, Objectway says it will leverage its latest acquisition to further establish its wealth and investment management offerings in the country and in the neighbouring market of the USA in an ‘as-a-Service’ capacity.
Over the pond in Europe, the Middle East and Africa (EMEA), it adds that the addition of Nest Wealth’s tech will enable the company to expand its offering with digital client onboarding and planning solutions, in addition to its existing proposition of advisory, discretionary portfolio management and back-office services.
Luigi Marciano, founder and group CEO of Objectway, says the acquisition marks “a significant milestone” in the fintech’s expansion strategy.
Nest Wealth founder and CEO Randy Cass adds that the deal with Objectway will “accelerate our expansion across the North American region, and open up additional market opportunities in EMEA”.
