Parthenon Capital Partners, a mid-market private equity firm and M2, a newly formed financial services-focused company have teamed up with John Moody, co-founder and ex-president of Matrix Financial Solutions, to build a next-generation financial tech platform for retirement plan, bank trust and wealth management providers. No financial terms were disclosed.
SAN FRANCISCO–(BUSINESS WIRE)–Parthenon Capital Partners (“Parthenon”) and M2 Group Holdings, LLC (“M2”) have announced a strategic partnership with John Moody, Co-founder and former President of Matrix Financial Solutions (“Matrix”), to build the next generation Financial Technology platform for retirement plan, bank trust and wealth management providers through a combination of strategic acquisitions and organic growth.
Mr. Moody has more than 30 years of financial services experience and through his leadership built Matrix into one of the leading Custodian and mutual fund trading providers in the industry. In 2011, Matrix was sold to Broadridge Financial Solutions (NYSE: BR), under whose ownership Mr. Moody was able to acquire the Wilmington Trust retirement business from M&T Bank in 2015 and nearly triple the assets under administration before exiting the business earlier this year.
“This partnership complements Parthenon’s longstanding industry effort in asset management technology,” said Brian Golson, Managing Partner and Co-CEO of Parthenon Capital. “After 10 years of looking for ways to work together, we’re pleased to have the opportunity to collaborate with John. He’s a talented and experienced leader with an outstanding vision for the sector.”
Mr. Moody commented, “the opportunity to continue to drive innovation in technology enabled administration has never been better given the changing regulatory framework. Moreover, we are pursuing this opportunity at a time of critical importance for Americans to invest and save in smarter and more cost efficient ways.”
Parthenon is joined by M2, a newly formed operating company focused on financial services. The principals of M2 and Parthenon have worked together for more than 10 years.
About John Moody
John Moody was most recently president of Matrix Financial Solutions, a business he founded, built and sold to Broadridge Financial Solutions. Mr. Moody previously served on the boards of CiKR (Council of Independent 401(k) Recordkeepers) and SPARK (Society of Pension Administrators and Record Keepers) helping to shape the retirement industry’s key initiatives. Mr. Moody is a pioneer in the “open architecture” movement that is now sweeping the 401(k) industry. Seeing the need for more flexibility and an early adaptor of fee disclosure, Moody’s vision made Matrix a favorite among independent TPAs/Record Keepers and major wirehouses and broker/dealer firms looking to get ahead of the regulatory push. Mr. Moody received a B.B.A. in Economics from the University of Iowa.
About Parthenon Capital Partners
Parthenon Capital Partners (www.parthenoncapitalpartners.com) is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare technology and services, and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, human capital, capital markets, and operations, thereby enabling the firm to pursue complex, multi-faceted value creation opportunities.
M2 Group Holdings is an operating company that makes significant long term investments in entrepreneurs within the financial services sector. M2 combines a thesis based approach with patient capital to accelerate the business models of those financial services companies best positioned to take advantage of the continual shifts within the financial services sector. M2’s differentiated experience in the financial services sector as leading advisors, principals, and operators allow us to drive our partner companies to achieve unprecedented growth.