MMC now part of Apex
Bermuda-based Apex Group has taken full ownership of MMC.
Wednesday, May 4th 2022, 8:05AM
The group will be rebranded as part of Apex Group, and MMC will continue to provide fund and wealth administration services to the New Zealand investment market.
The deal also involves the acquisition in Australia of IFAA which provides services to the to Australian superannuation fund clients.
"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," Apex says in a statement.
This is the latest in a series of 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.
Apex Group chief executive Peter Hughes says: “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.”
MMC chief executive Vedran Babic says: “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.”
Terms of the transaction are undisclosed.
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