MMC are to provide back office services to Te Ahumairangi Investment Management Ltd (Te Ahumairangi) who have the Accident Compensation Corporation (ACC) as a foundation client.
ACC’s former Chief Investment Officer Nicholas Bagnall founded the wholesale investment management business Te Ahumairangi late last year. Since then he and the Te Ahumairangi team have been working with MMC on the services that are to be provided for the NZ$1.8 billion global equity portfolio and any future fund offerings that Te Ahumairangi may look to bring on board once the contract with ACC ceases to be exclusive after 12 months.
Nicholas Bagnall, Te Ahumairangi founder, says “we approached MMC right from the beginning. With their experience and reputation in the industry, and their responses to our enquiries, we felt that they were the team that we could trust in helping us with this transition. We were also keen to work with a business that we could partner with for the longer term, guiding us from an operational perspective not only as we took over the ACC portfolio but also as we look to grow our client base in the future. Our dealings with the team at MMC have been outstanding – they have been very responsive and we are really appreciative of the effort and support they have provided over the last few months.”
“We are excited to have Nicholas and the Te Ahumairangi team partner with us” commented Vedran Babic, MMC’s CEO. “We have worked together with Nicholas to shape our service offering to seamlessly integrate with Te Ahumairangi’s current business and future aspirations. We are pleased to have been able to help another new entrant into the New Zealand market and provide them with the necessary infrastructure to accelerate their success.”
With the recent acquisition of Aegis, MMC currently have over 100 clients made up of investment managers, product providers and groups of investment professionals, with a combined funds under administration of over $83 billion.
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