Apex expands to New Zealand
Apex Group has entered the New Zealand market via its acquisition of investment administrator MMC.
Founded in 2005, MMC provides outsourced investment administration services to clients. Based in Auckland, the firm administers combined funds of around $100bn for 100 clients, which include investment managers, product providers and groups of investment professionals.
As part of the deal, MMC will continue to provide fund and wealth administration services to the New Zealand investment market and the firm’s 170-strong team will join Apex.
“Apex offers a strong cultural fit with MMC which will position us to continue to operate with a client focused mindset powered by innovation,” commented Vedran Babic, CEO of MMC. “This acquisition will further accelerate our clients’ success by leveraging Apex’s global best practice combined with MMC’s local knowledge. It will also enable faster access to technology innovation, scalability, additional services, international expertise and market connectivity which will deliver unique benefits to our clients as well as our people.”
For the acquisition, Apex was advised by Macquarie Capital (financial advisor), while MMC was assisted by Rothschild & Co and Cameron Partners (financial advisors).
This acquisition follows Apex’s announcement last July that it had bought Australian fund administrator MainStream Group for AUD$415m, following a five month bidding war against SS&C.