Aegis gets a new owner

MMC, which acquired the Aegis investment platform two years ago, has been bought by a foreign company.

Friday, December 24th 2021, 10:43AM

Bermuda-based Apex Group has entered into an agreement to buy Auckland-based MMC Group.

Apex is the world’s largest independent fund administration and middle-office solutions provider with more than US$1.5 trillion of assets under administration, custody, depository, and management.

Through the acquisition of MMC, the New Zealand investment market will gain direct access to global expertise, innovation, and world-leading technology solutions, the two groups say in a statement.

MMC has been servicing the New Zealand investment management community since 2005. During this time, MMC has grown to administer funds more than $100 billion and over 900,000 active investor portfolios, with around 100 clients relying on MMC to manage their investment administration to set them free to accelerate their own success.

As part of Apex, MMC will continue to provide fund and wealth administration services to the New Zealand investment market. MMC’s clients will now benefit from the Group’s global, cross-jurisdictional reach and range of additional services including digital onboarding and banking, global compliance and middle-office solutions as well as a pioneering ESG Ratings and Advisory; and accessing new markets through its globally connected operating model.

Apex recently bought the Australia-based Mainstream Group.

“We are pleased to welcome MMC to the Apex Group, which will support MMC’s continued success and expansion," Apex founder and chief executive Peter Hughes said.

"The New Zealand investment market is on a growth trajectory which we are excited to become part of. MMC shares our commitment to offering a broad range of high quality, locally delivered solutions to their clients, and this acquisition will provide them with access to the Group’s global single- source solution."

MMC chief executive Vedran Babic says "Apex offers a strong cultural fit with MMC which will position us to continue to operate with a client focused mindset powered by innovation. 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 benefit to our clients as well as our people.”

Tags: Aegis Apex Group MMC