Apex acquires NZ administrator

AcquisitionFunds services provider Apex has completed its purchase of MMC Group, a New Zealand-based fund administrator. Founded in 2005, MMC has NZ$100 billion (US$68 billion) in assets under administration covering over 100 clients and 900,000 active investor portfolios. The acquisition, for which no financial details were disclosed, is Apex’s first entry into the NZ market. It will also add to Apex’s service offering for Australian funds given that the purchase also includes the wholly-owned and Australia-based subsidiary IFAA Group which provides administration services to the Australian superannuation industry. The acquisition comes in the wake of Apex’s purchase of Australian administrator Mainstream, which it bought for $277 million. “We see huge opportunity in the thriving New Zealand and Australian investment markets,” said Peter Hughes, founder and CEO of Apex Group. © 2022 funds global asia

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