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.
The New Zealand investment market will benefit from a broad range of leading investment administration services.Read the full story
This acquisition will further accelerate MMC clients' success by leveraging Apex's global best practice combined with MMC's local knowledge.Read the full story
Kiwi Wealth has gone live with MMC's platform and services.Read the full story
MMC and Simplicity renew long-standing partnership for fund administration and default KiwiSaver registry services.Read the full story
Kiwi Wealth extend their partnership with MMC to consolidate their fund administration processes and be set up for growth.Read the full story
BNZ expand their fund administration services with MMC to include registry for their default KiwiSaver scheme.Read the full story
MMC mark a fantastic milestone in their successful growth journey.Read the full story
New hires cement technology innovation and operational excellence at the heart of MMC’s services.Read the full story
Acquisition provides long-term strategic opportunities in Australia.Read the full story
MMC’s vision and roadmap for their wealth administration services were some of the key deciding factors.Read the full story
MMC Digital & Insights will help MMC's clients to deliver a seamless multi-channel experience to their investors.Read the full story