NZX expands reach into funds management
NZX has acquired a 30% shareholding in Appello Services Limited (ASL), a funds management services business.
Thursday, November 29th 2007, 6:46AM
ASL provides fully electronic administrative, productivity and compliance services for New Zealand fund managers and is able to support all managed funds including KiwiSaver Funds and PIEs.
Its service includes application and redemption management, investor communications, reporting, integration with fund accountants and communication with the Inland Revenue Department.
ASL has acquired exclusive rights to use the unified financial services platform developed by New Technologies Business Solutions (NTBS) to deliver administrative, productivity and compliance services to fund managers in New Zealand and Australia.It has also partnered with Sublime Group to deliver electronic document management and storage capabilities.
NZX chief executive Mark Weldon says the investment in Appello increases NZX's exposure to the managed funds sector, which last year with the acquisition of FundSource.
"We are excited by this new business, Appello provides services that will act to enable and support growth in managed funds investment by New Zealanders."
Stobo says NZX's investment will help it deliver effective administrative, productivity and compliance services to New Zealand fund managers.
"NZX is an ideal partner for ASL as they will support the organisation in becoming the pre-eminent provider of electronic services to New Zealand fund managers while remaining independent from any fund manager, trustee or fund accountant. We believe this is vital in delivering these services," Stobo says.
The remaining 70% of the company will be held by interests of Appello Services board members and senior management.
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