Apex Group strengthens global presence with close of MMC acquisition

en

Acquisition includes purchase of Australian subsidiary IFAA.

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  • Peter Hughes

    Peter Hughes, Founder and CEO of Apex Group

Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, announces today the close of the acquisition of MMC Group (“MMC”), New Zealand’s leading provider of investment administration services, which includes the wholly-owned IFAA Group (“IFAA”) in Australia that offers fund administration, compliance and auxiliary services to the Australian superannuation industry.

Founded in 2005, MMC provides full outsourced investment administration services to New Zealand’s investment managers. MMC has grown to administer funds over NZ$100 billion (US$68bn) and over 900,000 active investor portfolios, with over 100 clients entrusting MMC with their investment administration.

The acquisition of the MMC business marks Apex’s entry into the New Zealand geography through the addition of an experienced team of 170 people, based in Auckland. Rebranding as part of Apex Group, MMC will continue to provide high quality fund and wealth administration services to the New Zealand investment market.

This acquisition will also strengthen the provision of services to clients in the Australian market with IFAA enhancing the Group’s ability to offer a comprehensive service to Australian superannuation fund clients, delivered by a team of 30 local market experts.

Through this acquisition, MMC and IFAA’s clients will now benefit from access to the Group’s global, cross-jurisdictional reach and range of additional services including digital banking, global compliance solutions and ESG Ratings and Advisory; and accessing new markets through its international network.

This is the latest in a series of successfully integrated global acquisitions for Apex including the addition of Australia-based Mainstream Group. Following completion of announced acquisitions, Apex will operate from over 80 offices in 40 countries worldwide, with 9,000 employees servicing an expected US$2.5 trillion in assets across administration, depositary, custody and under management.

Peter Hughes, Founder and CEO of Apex Group comments: “We are excited by the additions of MMC and IFAA to Apex Group, which will provide a supportive platform for their continued success and growth. We see huge opportunity in the thriving New Zealand and Australian investment markets and the local expertise of the MMC team will underpin the delivery of our broad range of high-quality solutions for clients. We look forward to the benefits this acquisition will also bring for MMC and IFAA’s existing client base and employees, providing them with access to the Group’s scalable single-source solution, technology innovation, international reach and market connectivity.”

Vedran Babic, CEO of MMC Group adds: “Being part of the Apex Group will create new opportunities for our clients and people. Our primary focus on setting clients free to accelerate their success will continue and be further enhanced by the Group’s global footprint, resources, access to new technology and services, which the entire investment sector in New Zealand will benefit from.”

Andrew Griffioen, CEO of IFAA further adds: “IFAA Group are excited to be joining Apex Group. The growth of Apex in the Australian Superannuation administration market is a significant opportunity for our current and future clients to benefit from the services of a global organisation with local capability and a client centric ethos.”

Terms of the transaction are undisclosed. Macquarie Capital acted as financial advisor to Apex Group. Rothschild & Co and Cameron Partners served as financial advisors to MMC.

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