Maitland has won a mandate to provide third-party administration for $30 billion in assets under management for South African financial services firm MMI Holdings.
The administration service applies to 1,500 of MMI’s investment portfolios of both South African and international assets, and more than 33,000 transactions monthly. The contract brings Maitland’s assets under administration to more than $280 billion.
Maitland will provide an administration platform helping MMI to consolidate its investment capabilities under a single business, guided by an outcomes-based investment approach.
A number of MMI staff will join Maitland’s Johannesburg office in order to work on the new platform.
Andre le Roux, head of business development for Africa, said: “We aim to transition MMI onto our operating ecosystem within 12 months.”
He added: “We are equally excited to welcome the new staff complement which now gives us critical mass in the key Johannesburg location.”
Andre Nortje, COO of MMI’s investments and savings division, said: “Maitland’s track record demonstrated that we would be able to satisfy our twin imperatives of consolidation and speed of implementation of our domestic portfolios, on to their internationally capable administration ecosystem.”
“It will accelerate the execution of our growth strategy by allowing us to focus our management time on our investment and client experience value propositions.”
