NZX has entered into a non-binding heads of agreement to acquire 100% of wrap service Apteryx, which is headed up by former Aegis boss Paul Baldwin and largely owned by interests associated with NZ Assets Management.
Apteryx is described as a business that delivers rich online functionality to enable New Zealand investment advisers and providers to efficiently manage, trade and administer their clients’ portfolios.
The purchase price for Apteryx is confidential. NZX does not expect the business will have a material impact on earnings in 2015 or 2016.
“The Apteryx platform that we are acquiring has the potential to be developed into a core industry utility with a goal of improving effectiveness and efficiency within the New Zealand market, while at the same time providing medium-term growth potential for our shareholders,” NZX CEO Tim Bennett says.
Apteryx had annual revenues of $1.2 million, at March 31, and more than $1 billion of funds administered on the platform.
Another former Aegis staffer, Wendy Chandler, is the Apteryx chief operating officer.
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