MMC have recently invested in the IFAA Group of Companies (IFAA Group), a specialist Australian superannuation fund administrator based in Brisbane. This will be a passive investment with MMC’s core business and primary market direction remaining centred on New Zealand. MMC’s initial involvement in the IFAA Group will be at the Board level with Robert Moss and Philippa Weston, from Pencarrow, being directors on the IFAA Group Board.
Tom Reiher, MMC’s Managing Director, says “investing in the IFAA Group provides MMC with the opportunity to leverage our core technology platform, NeXus, into a new market. This will provide the Australian business with a superior technology solution, allowing our New Zealand clients access to the Australian market in future. As a complementary business, the IFAA Group has capabilities and resources that will help us strengthen MMC for the benefit of our New Zealand clients – these complementary capabilities will be explored and accessed over time.”
“Notwithstanding this investment, our focus remains on our New Zealand business”, says Reiher. “We are currently engaged in transitioning across Aegis systems and staff and settling in a new Chief Executive Officer, Vedran Babic, and are unwavering in our commitment to continue delivering the highest level of service to both our MMC clients and Aegis advisors. We are also underway with our search for a Chief Financial Officer to support our existing senior management team.”
The IFAA Group of Companies encompasses three businesses:
With the recent acquisition of Aegis, MMC currently have over 100 clients, in excess of $78 billion in FUA and more than 210,000 underlying investors.
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