MMC, New Zealand’s leading provider of investment administration services to over 100 investment managers, product providers and investment professionals, today announce that Kiwi Wealth have extended its existing partnership with MMC.
MMC will provide full registry services, as well as unit pricing and fund accounting for Kiwi Wealth’s Managed Funds and KiwiSaver products. By transitioning these services from an-inhouse operating model to MMC, Kiwi Wealth will achieve a scalable infrastructure to accommodate growth and deliver enhanced investment outcomes to its members and investors, while also taking advantage of economies of scale.
The soon-to-be implemented operating model will support Kiwi Wealth’s requirements as a default KiwiSaver provider, and includes full PIE and other tax calculations, reconciliation and reporting. MMC’s API interface with IRD will improve automation, speed up KiwiSaver transfers and improve the overall member experience. Kiwi Wealth will also be utilising MMC’s APIs to deliver its industry leading digital investor experience layer.
“By aligning Kiwi Wealth’s KiwiSaver and Managed Funds operations, we are benefitting from operating synergies, agility and reduced operational risk. We are also excited about MMC’s vision and technology roadmap. Through outsourcing our investment administration to a trusted partner, our investment and operational teams will be freed up to focus on what we do best; creating better financial futures for Kiwi by helping people get informed about how they can grow their wealth,” explains Craig Ward, Chief Technology Officer at Kiwi Wealth.
Kiwi Wealth’s relationship with MMC dates back to 2018, when it first started using MMC’s investment administration services for Managed Funds. Once the KiwiSaver transition is completed, it is envisaged that Kiwi Wealth’s remaining products, such as its Private Portfolio Service, will follow. MMC’s acquisition of Aegis in December 2019 means it can offer a holistic investment administration solution that spans both fund and wealth administration services.
In the meantime, by being part of MMC’s investment management community, Kiwi Wealth benefit from streamlined and robust operational services leveraging latest cloud technology. This includes regulatory compliance, complex reporting requirements and AML (Anti Money Laundering) checks.
“We are excited to cement our relationship with Kiwi Wealth and further set them free to accelerate their success. They will gain direct access to a huge pool of talent here at MMC with deep domain expertise supported by advanced technology. We look forward to continuing to work with the team at Kiwi Wealth to deliver economies of scale and innovation while also shaping best practice experiences to enhance processes and reduce operational risk”, says Vedran Babic, CEO at MMC.
Babic continues: “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”.
For further information, please contact:
Christina Bendall, Chief Marketing Officer
Tel: 021 997 611
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