The business has been bought for an undisclosed sum by Apex Group, which recently also acquired MMC.
Implemented Investment Holdings is the parent company of Implemented Investment Solutions (IIS) and InvestNow. It is majority owned by founder Anthony Edmonds with interested related to Mint Asset Management founder Rebecca Thomas owning 15% and Russell Investments 15%. The remaining 10% was owned by long-term staff and quality assurance manager Andrew Brockway.
In other similar transactions FNZ acquired Kiwi Group owned Hatch recently.
IIS provides investment services to large global fund managers, enabling them to establish and distribute New Zealand domiciled funds to their investors. Their clients also include some of New Zealand’s most respected investment companies, including specialist investment managers, KiwiSaver providers, adviser groups, and family offices.
Today, IIS is the issuer and manager of 22 investment schemes with approximately $5 billion of assets under management. The addition of IIS will extend the geographic reach of Apex Group’s existing fund management company and distribution services currently delivered via FundRock and LRI subsidiaries.
Retail investment platform InvestNow has more than 25,000 clients and offers more than 150 different managed funds from New Zealand and global fund managers, as well as a range of different leading banks’ term deposits.
Currently there is around $1.3 billion invested through the platform. The platform includes InvestNow's KiwiSaver Scheme.
The acquisitions of IIS and InvestNow, add 28 experts, and expand Apex Group’s presence in the New Zealand to over 200 employees.
IIS and InvestNow will become part of Apex Group in New Zealand, alongside the former MMC business.
Anthony Edmonds, Founder and CEO of the IIS Group, and Gareth Fleming, CFO and Executive Director will hold senior management roles in the combined business, driving continued growth and providing continuity for clients.
"Through these acquisitions the New Zealand investment industry will further benefit from access to Apex Group’s single-source solution, including services such as ESG Rating, Reporting & Advisory and Digital Banking, offered via a network of over 80 offices globally and delivered locally by 10,000 experts, the company says in a statement.
Peter Hughes, Founder and CEO of Apex Group comments: “New Zealand’s investment management community continues to grow, and with the addition of IIS and InvestNow, will enable us to further deliver our single-source solutions for investors participating in, and serving the local market through locally domiciled funds. We remain committed to increasing the depth of our services on a global scale, to enable our clients to reach their potential.”
Anthony Edmonds, Founder and CEO of IIS and InvestNow adds: “We are proud of the achievements and growth of the IIS and InvestNow businesses and are excited to be joining Apex Group to build on this success and offer a wider range of services to our clients. Both our clients and employees will benefit from leveraging Apex Group’s global fund hosting and management company capabilities, enabling investment managers to offer their investment solutions in the thriving New Zealand market. Apex Group’s global capability and experience enables us to continue to grow and capture the significant opportunity that exists within InvestNow, and I am extremely excited about what this means for our clients.”
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