2 December, 2019

New CEO announced as MMC restructure for growth

The fast-growing Auckland fund administration business, MMC, have hired a new Chief Executive Officer amid a senior level restructure that will see a co-founder step down from day-to-day duties.

Under the staff changes revealed to clients last week, Vedran Babic, currently Fisher Funds chief operating officer, will assume the role from incumbent, Tom Reiher, next February.

Reiher, meanwhile, steps into the managing director job left vacant by Robert Moss, who ends 15 years of daily duties with the firm he co-founded in 2002.

Moss, in turn, will move to a governance role as executive chair of the MMC board to replace James Ogden. Ogden was appointed as non-executive independent chair of MMC more than two years ago.

In a note to clients, Reiher says, Ogden “provided invaluable insights into corporate governance during a period of sustained growth at MMC. He has been responsible for guiding the board meetings to ensure that there are clear outcomes for management to implement, strengthening our existing governance culture.”

Ogden was appointed chair soon after local private equity firm, Pencarrow, took a 50 per cent stake in MMC. Pencarrow executives, Nigel Bingham and Philippa Weston, continue as MMC board members along with Reiher and Moss.

The last three years have seen significant growth for MMC, which has expanded into KiwiSaver registry, custody and, most recently, the investment platform business with its purchase of Aegis from ASB in October.

Once the Aegis deal finalises in December, MMC will have more than $75 billion in funds under administration.

“In addition to supporting Vedran as he settles into his new role as Chief Executive Officer, I will be working closely with Lianne Murphy, General Manager of Aegis, leading the transition to ensure a smooth integration of the MMC and Aegis businesses,” Reiher says in the note.

Babic was named Fisher chief operating officer in April 2017 after serving in senior distribution and operational roles with the Auckland funds management firm since 2011. Previously, he was head of distribution for Huljich Wealth Management, which Fisher purchased in 2011.

MMC also plans to hire a chief financial officer early next year to join an executive suite that includes: Chris Watson, chief operating officer; Craig Richardson, chief information officer; Leigh Ryland, chief risk officer; and, Nicola Tait, chief relationship officer.

Latest Articles

18 October, 2021

Simplicity cement long term relationship with MMC

MMC and Simplicity renew long-standing partnership for fund administration and default KiwiSaver registry services.

Read the full story
20 September, 2021

Kiwi Wealth partner with MMC for administration of their default KiwiSaver Scheme

Kiwi Wealth extend their partnership with MMC to consolidate their fund administration processes and be set up for growth.

Read the full story
6 September, 2021

BNZ goes live with MMC’s registry services for KiwiSaver

BNZ expand their fund administration services with MMC to include registry for their default KiwiSaver scheme.

Read the full story
9 August, 2021

MMC reach NZ$100 billion in Funds Under Administration

MMC mark a fantastic milestone in their successful growth journey.

Read the full story
19 April, 2021

MMC add to C-suite to support growth and innovation

New hires cement technology innovation and operational excellence at the heart of MMC’s services.

Read the full story
15 February, 2021

MMC fully acquire the IFAA Group

Acquisition provides long-term strategic opportunities in Australia.

Read the full story
21 December, 2020

Select Wealth Management renews partnership with MMC

MMC’s vision and roadmap for their wealth administration services were some of the key deciding factors.

Read the full story
14 December, 2020

MMC to launch a New Zealand first investor experience for their clients

MMC Digital & Insights will help MMC's clients to deliver a seamless multi-channel experience to their investors.

Read the full story