MMC: full acquisition of IFAA Group

Monday, February 15th 2021, 1:37PM

Tom Reiher

MMC, New Zealand’s leading provider of investment administration services has announced today its acquisition of the entirety of the IFAA Group (the Group) – a specialist superannuation fund administrator in Australia.

This follows MMC’s earlier investment in the Group last year, with MMC’s core business and primary market remaining centred in New Zealand.

MMC co-founder and managing director, Tom Reiher said: “The Group’s historical success proves there are strong opportunities in the superannuation and managed investment services sector in Australia. The arrangement we made in early 2020 was always intended to be our long-term entry point into Australia.”

The Group is well known in the Australian superannuation industry for its personal service to members. MMC view Australia as a natural long-term expansion market – a move that will unlock new opportunities for its clients over time.

In the meantime, MMC’s commitment to delivering the highest level of day-to-day investment administration services and bringing innovation to their New Zealand clients remains their focus.

Based in New Zealand, MMC’s leadership team is solely focused on the NZ market.

Operating independently to MMC, the Group has made several recent changes to strengthen its executive management team in Australia (details below).

• Andrew Griffioen has been appointed chief executive officer, IFAA Pty Ltd and IPS Pty Ltd.
• Karen Waldon-White has been appointed chief executive officer, Superannuation Compliance Services Pty Ltd.
• Clinton Nicholas has been appointed chief information officer for IFAA Group.
• Cathy Connellan has been appointed general manager, Client Services for IFAA Pty Ltd.
• Adam Somerville has recently returned to IFAA as manager, financial services.

Tags: mergers and aquisitions MMC