MMC have purchased investment administration and custody businesses, Aegis and ICSL.
MMC are a specialist New Zealand outsourced fund and investment administration business, based in Auckland providing outsource services to fund managers since 2004. [The company is 49.5% owned by Pencarrow Private Equity and 50.5% owned by management.
MMC had identified private wealth administration as a natural adjacent opportunity and saw the chance to enter this sector of the market at scale by purchasing Aegis. This purchase marks a significant milestone for MMC who are looking to build onto their outsourced fund and registry administration capabilities.
“In May this year when ASB announced that there was to be a strategic review of Aegis, we saw a good opportunity to extend our offering with the benefit of bringing on existing Aegis clients, staff and resources to provide scale and a diverse client base in private wealth.” says Tom Reiher, MMC CEO. “Aegis is a good business which requires continued investment and strategic management focus to ensure its customers continue to receive excellent levels of service into the future.”
For a further quote: “We’re excited to confirm our acquisition of Aegis. The transaction marks a significant milestone for us as we’ve been looking to grow through diversifying our service offerings into adjacent areas, and the acquisition of Aegis gives us the opportunity to expand further into private wealth. We’re committed to investing for the long term and look forward to having the Aegis team join us and working with the wide-range of existing Aegis clients to ensure their long-term success. We have nothing more to add at this time”
Details of the sale are confidential.
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