15 February, 2021

MMC fully acquire the IFAA Group


MMC, New Zealand’s leading provider of investment administration services to over 100 investment managers, product providers and investment professionals, today announce their acquisition of the entirety of the IFAA Group (the Group), a specialist superannuation fund administrator in Australia. This follows MMC’s earlier investment in the Group last year, representing a long-term strategic investment with MMC’s core business and primary market remaining centred on New Zealand.

MMC co-founder and Managing Director, Tom Reiher said that “the Group’s historical success proves there are strong opportunities in the superannuation and managed investment services sector in Australia. The arrangement we made in early 2020 was always intended to be our long-term entry point into Australia.”

The Group is well known in the Australian superannuation industry for its personal service to members, compared with its larger competitors. As a leading investment administrator in New Zealand, MMC view Australia as a natural long-term expansion market – a move that will unlock new opportunities for MMC’s fund and wealth administration clients to bring their investment solutions and services to Australia over time. In the meantime, MMC’s commitment to delivering the highest level of day-to-day investment administration services and bringing innovation to their New Zealand clients remains their focus.

MMC’s leadership team based in New Zealand is solely focused on the New Zealand market. Operating independently to MMC, the Group have made several recent changes to strengthen their executive management team in Australia. These include:

  • Andrew Griffioen has been appointed Chief Executive Officer, IFAA Pty Ltd and IPS Pty Ltd
  • Karen Waldon-White has been appointed Chief Executive Officer, Superannuation Compliance Services Pty Ltd.
  • Clinton Nicholas has been appointed Chief Information Officer for IFAA Group. 
  • Cathy Connellan has been appointed General Manager, Client Services for IFAA Pty Ltd. 
  • Adam Somerville has recently returned to IFAA as Manager, Financial Services.

For further information, please contact:

Nicola Tait, Chief Client Officer
Email: ntait@mmcnz.co.nz
DDI: 09 557 1484

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 now have over 150 staff and administers combined funds of around $90 billion for approximately 100 clients who range from investment managers, to product providers and groups of investment professionals.

About IFAA Group

The IFAA Group of companies comprises three entities:

  • Independent Fund Administrators & Advisers Pty Ltd (IFAA) – provider of high-quality tailored administration and management services to superannuation funds
  • Superannuation Compliance Services Pty Ltd (SCS) – a specialist consulting business offering compliance, risk management, legislative research, internal audit and training to the superannuation and advice industries.
  • Independent Professional Services Pty Ltd (IPS) – a provider of administration, accounting and unit registry services to investment platforms.

www.ifaa.com.au

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