Apex Group Enters NZ With Acquisition Of MMC

January 19, 2022

Apex Group Ltd. announced the proposed acquisition of MMC, New Zealand’s leading provider of investment administration services.

A spokesperson said, “The transaction is subject to customary conditions [including regulatory approvals expected to be granted in early 2022].

“MMC has provided full outsourced investment administration services to the New Zealand investment management community since 2005. During this time, MMC has grown to administer funds over NZ$100 billion [US$68bn] and over 900,000 active investor portfolios, with around 100 clients relying on MMC to manage their investment administration.

“The acquisition of the MMC business marks Apex Group’s entry into the New Zealand geography through the addition of an office of 170 people, based in Auckland. This acquisition will also strengthen the provision of services to clients in the Australian market, enhancing the Group’s ability to offer a comprehensive and high-quality service to clients, delivered by an additional 30 local market experts.

“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 banking, global compliance solutions and ESG Ratings and Advisory; and accessing new markets through its globally connected operating model.

“This is the latest in a series of successfully integrated global acquisitions for Apex; following the recent close of acquisition of Australia-based Mainstream Group, Apex now operates from 50 offices worldwide, with 5,000 employees servicing US$1.5 trillion in assets across administration, depositary, custody and under management – expected to rise to US$2.2 trillion following completion of the planned acquisition of Sanne Group Plc.”

Peter Hughes, Founder and CEO of Apex Group comments: “2021 was a year of transformative acquisitions for the Group and we are delighted to begin 2022 by announcing our entry into the New Zealand market with the addition of MMC. 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. We look forward to welcoming MMC to the Group, and the further growth of our business in New Zealand and Australia in 2022 and beyond.”

Vedran Babic, CEO of MMC comments: “We are excited to become part of the Apex Group and have been impressed by Peter Hughes and his team, as well as the successful journey that Apex has been on. 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.”

Terms of the transaction are undisclosed. Macquarie Capital acted as financial advisor to Apex Group. Rothschild & Co and Cameron Partners served as financial advisors to MMC.

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