6 December, 2021

Kiwi Wealth invests for the future

Kiwi Wealth going live with MMC's platform and services

Kiwi Wealth has simplified its operating model so that it can focus on helping its KiwiSaver members become better off. Simplification at Kiwi Wealth has been achieved by partnering with MMC, who provide a scalable and modern investment administration platform for managed investment services. This platform, along with MMC’s services, enables Kiwi Wealth to easily add to its selection of funds and focus on its core business – striving for excellent and sustainable investment performance combined with a highly engaging customer experience.

Craig Ward, Chief Technology Officer at Kiwi Wealth, says, “Our recent transformation outsourcing our KiwiSaver registry, unit pricing and fund accounting functions – in partnership with MMC and Mosaic – has allowed us to significantly simplify the administrative aspects of the business and focus more on customer outcomes."

“Making significant changes to operating models is always challenging, even more so when faced with the pressure of the enhanced default requirements coming into effect in December 2021. This challenge was successfully overcome thanks to having in-house expertise, and an enthusiasm to make Kiwi Wealth a better company."

“I’m really proud and impressed with how the teams at Kiwi Wealth and MMC have worked together to achieve this within a pressing six-month timeframe.”

Getting the foundations right

It is not glamorous or exciting (except to those in the profession), there is no wow moment but as Myles Allan, Founding Partner of Mosaic Financial Services Infrastructure, states “it is the invisible and unsexy building blocks on which you can then build the really great customer facing stuff.”

MMC’s CEO Vedran Babic says, “In just under six months, we were able to transition full registry services, unit pricing and fund accounting for their KiwiSaver Scheme from Kiwi Wealth to MMC. As a result, Kiwi Wealth can focus on investment outcomes for their clients while taking advantage of economies of scale.”

“The investment market is changing fast. Forward-thinking firms are thriving by offering an advanced client experience. We exist to partner with our clients to set them free to accelerate their strategic advantages.”

Operational agility

Operational agility is fast becoming one of the cornerstones of competitive advantage. Change is accelerating. Companies need the ability to flex and adapt quickly to take advantage of an evolving market dynamic.

Put simply, operational agility provides resilience.

Mr Allan says, “We asked Kiwi Wealth a lot of what might seem annoying questions around strategic objectives. What we were seeking to establish was the fundamental core of their business and its aspirations – what it was they actually did.

“This deductive process enables us to drive a selection process that arrives at a platform best suited to support the business and accommodate change.”

One key aspect of this migration was an upgrade to daily unit pricing. The ability to provide more frequent valuations helps investors make timely and informed decisions about their investment portfolio.

Another significant outcome of this transformation was a change to leverage cloud-based technologies – an important step in a longer-term technology strategy at Kiwi Wealth. 

Mr Ward says, “Cloud-based technology gives us flexibility and scale, providing our customers with highly available digital services.”

“Through outsourcing our investment administration to a trusted partner our teams are freed up to focus on ensuring every Kiwi deserves the opportunity to have a brighter financial future.”

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For further information, please contact:

Christina Bendall, Chief Marketing Officer
Email: cbendall@mmcnz.co.nz
Tel: 021 997 611

About Kiwi Wealth

Kiwi Wealth is a New Zealand owned and operated wealth and investment organisation helping Kiwi to grow their wealth and enjoy their future – no matter what their goals. Established in 2000, Kiwi Wealth has a strong track record of growth and innovation. From the Kiwi Wealth KiwiSaver Scheme to managed funds, a private portfolio service and more, we invest our members’ money in companies that meet our strict environmental, social and governance criteria. From our original inception as Gareth Morgan Investments, through to the portfolio of offerings we have today, Kiwi Wealth is focused on creating better financial futures for Kiwi by helping people get informed about how they can grow their wealth.

About MMC

Behind the scenes powering their clients’ success is where MMC are at their happiest.

Since 2005, MMC have provided outsourced investment administration services to the New Zealand investment sector.

Auckland-based MMC administers combined funds of around $100 billion for approximately 100 clients who range from investment managers to product providers and groups of investment professionals.

About Mosaic Financial Services Infrastructure

At Mosaic, our exclusive focus is improving operational performance for financial services firms.

We’re experts in dissecting strategic, regulatory and operational challenges and resolving these with the best mix of people, process and technology changes.

We have the knowledge and capability to deliver the strategically-aligned, sustainable solutions our clients need to succeed in today’s inherently dynamic and increasingly competitive market. We help clients realise cost efficiencies, improved processes, lower costs and better customer connections.

We adopt client problems as our own and recognise that our success depends on delivering benefits to clients.

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