Apex Group has proposed the acquisition of MMC, one of New Zealand’s leading providers of investment administration services.
The transaction is subject to customary conditions, including regulatory approvals expected to be granted in early 2022.
MMC’s clients will benefit from the Apex’s global, cross-jurisdictional reach and range of additional services including digital banking, global compliance solutions and ESG ratings, as well as the ability to access new markets through its globally connected operating model.
The acquisition also looks to strengthen the provision of services to clients in the Australian market.
As part of Apex, MMC will continue to provide fund and wealth administration services to the New Zealand investment market.
MMC has provided full outsourced investment administration services to the New Zealand
investment management community since 2005. Since then, MMC has grown to administer funds over NZ$100 billion (£49.9 billion).
Upon approval, Apex will base an office in the city of Auckland, employing around 170 people.
Apex’s proposal to acquire MMC comes after its acquisition of Australia-based Mainstream Group.
Peter Hughes, founder and CEO of Apex Group, comments: “2021 was a year of transformative acquisitions for the group and we are delighted to begin 2022 by announcing our entry into the New Zealand market with the addition of MMC. We look forward to welcoming MMC to the group, and the further growth of our business in New Zealand and Australia in 2022 and beyond.”
Vedran Babic, CEO of MMC comments: “We are excited to become part of the Apex Group and
have been impressed by Peter Hughes and his team, as well as the successful journey that Apex has been on. This acquisition will further accelerate our clients’ success by leveraging Apex’s global best practice combined with MMC’s local knowledge.”
