MMC, New Zealand’s leading provider of investment administration services, today announced that Simplicity have renewed their fund administration services agreement with MMC.
This covers all their products, including KiwiSaver and investment funds. MMC will provide fund accounting, unit pricing and registry.
“We are excited to renew our long-standing partnership and to congratulate Simplicity on becoming one of the two new recently appointed default KiwiSaver providers. They are one of the three default providers we currently support with our KiwiSaver registry services, along with BNZ and Kiwi Wealth”, says Vedran Babic, CEO at MMC.
MMC and Simplicity have enjoyed a strong partnership since Simplicity’s inception in 2016. They have relied on MMC’s cloud enabled platform to scale their business in line with growth, knowing that their data is secure.
“With MMC, we are free to focus on what we do best; looking after our members and giving back to the community”, explains Sam Stubbs, Co-Founder and Managing Director at Simplicity.
“We are one of New Zealand’s fastest growing KiwiSaver and fund providers, with a growth journey that has only just begun. MMC have played a pivotal role in our success from Day 1, and they are a key long term partner,” he says.
“It’s fair to say that without their support, we wouldn’t be in business,” he continues.
“They understand our business and needs, and they own and control quality technology solutions, built for the NZ market,” Stubbs says.
“And most importantly, they are lovely people,” adds Stubbs.
MMC manage the end-to-end onboarding of their new members and investors, value assets, handle complex reporting and tax obligations and ensure compliance with the latest regulations.
“Simplicity were the first client to adopt our KiwiSaver registry service. They have always been a vital innovation partner to MMC and we are excited to continue extending our relationship to deliver a positive impact to their KiwiSaver members,” says Babic.
The first of December marks the beginning of the transfer of members and assets to the newly appointed six default KiwiSaver providers, a process estimated to take around two months. Four out of the six default providers are MMC clients.
For further information, please contact:
Christina Bendall, Chief Marketing Officer
Behind the scenes powering their clients’ success is where MMC are at their happiest.
Since 2005, MMC have provided outsourced investment administration services to the New Zealand investment sector.
Auckland-based MMC now have over 160 staff and administers combined funds of around $100 billion for approximately 100 clients who range from investment managers to product providers and groups of investment professionals.
Simplicity is a non-profit fund manager, owned by the Simplicity Charitable trust. 15% of Simplicity’s fees goes to the Simplicity Charitable Trust. The more Simplicity grow, the more they can give. Simplicity invest with a conscience. They do not make money from companies that cause harm. It is good for returns too.
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