Apex Group strengthens global presence with MMC acquisition

Peter Hughes, Founder and Chief Executive Officer of Apex Group

Apex Group Ltd., a global financial services provider, announces the close of the acquisition of MMC Group (“MMC”), New Zealand’s (NZ) provider of investment administration services, which includes the wholly-owned IFAA Group (“IFAA”) in Australia that offers fund administration, compliance and auxiliary services to the Australian superannuation industry.

What is the market reach of MMC?

Founded in 2005, MMC provides full investment administration services to NZ’s investment managers. MMC has grown to administer funds over $68bn and over 900,000 active investor portfolios. Over 100 clients entrusted MMC with their investment administration.

The acquisition of MMC marks Apex’s entry into the NZ geography through the addition of a team of 170 people, based in Auckland. Rebranding as part of Apex Group, MMC will continue to provide fund and wealth administration services to the New Zealand investment market.

This acquisition will also strengthen the provision of services to customers in the Australian market with IFAA enhancing the Group’s ability to offer a comprehensive service to Australian superannuation fund clients, delivered by a team of 30 local market experts.

MMC and IFAA’s clients will now benefit from access to 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 international network.

This is the latest in a series of successfully integrated global acquisitions for Apex including the addition of Australia-based Mainstream Group. Following completion of announced acquisitions, Apex will operate in 80 offices in 40 countries, with 9,000 employees servicing over $2.5T in assets across administration, depositary, custody and under management.

What were the executives’ thoughts on the acquisition?

Peter Hughes, Founder and CEO of Apex Group said: “We are excited by the additions of MMC and IFAA, which will provide a support for their continued success and growth. We see huge opportunity in the thriving ANZ investment markets and the local expertise of the MMC team will underpin the delivery of our broad range of high-quality solutions for clients.”

“We look forward to the benefits this acquisition will also bring for MMC and IFAA’s existing client base and employees, providing them with access to the Group’s scalable single-source solution, technology innovation, international reach and market connectivity,” Hughes said.

Vedran Babic, CEO of MMC Group adds: “Being part of the Apex Group will create new opportunities for our clients. Our focus on setting clients free to accelerate their success will continue and be further enhanced by the Group’s global footprint, resources, access to new tech and services, which the entire investment sector in New Zealand will benefit from.”

Andrew Griffioen, Chief Executive Officer of IFAA further commented: “IFAA Group are excited to be joining Apex Group. The growth of Apex in the Australian Superannuation administration market is a significant opportunity for our current and future clients to benefit from the services of a global organisation with local capability and a client centric ethos.”

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.