Auckland-based fund administration firm, MMC, has reorganised its management team, sourcing both a new head of registry and chief operating officer (COO) in-house.
Chris Watson, previously MMC chief strategy officer, has stepped into the newly-created COO role while Scott McKelvie shifts from head of unit pricing to the head of registry job left vacant by the departure of Portia Martin earlier this year.
According to the just-published MMC newsletter, Watson would support the unit pricing team during the recruitment process to replace McKelvie.
Both McKelvie and Watson joined MMC in 2007, only three years after the business launched.
Since 2017 MMC has been through significant growth rising from about $30 billion in funds under administration last July to over $45 billion at the end of this September, the newsletter says, as the client count rose from 26 to 28.
During that period staff numbers have also increased from 48 to more than 60, housed in the firm’s new Queen’s Rise premises in Auckland.
“MMC have undergone some structural changes as we rearrange our resources to support both the growth we have experienced of late and for the future,” the newsletter says. “We have separated some functions to enable further specialisation and clarity in roles and created more direct reporting lines.”
The restructure has seen MMC establish an executive leadership team (ELT) comprising: Watson; Craig Richardson, chief information officer; Nicola Tait, chief relationship officer; and, Leigh Ryland, chief risk officer.
“During this period of change, we want to ensure that we are protecting our strengths – accurate, consistent and reliable service delivery complying with NZ specific regulatory and legislative requirements – at the same time as future proofing for further growth and regulation,” the newsletter says.
The ELT reports to MMC chief, Tom Reiher.
Over the last couple of years MMC has introduced a number of new services on top of unit pricing and fund accounting including KiwiSaver registry, web portal facilities, an automated client on-boarding system and custody – with the latter now in use by three clients.
“Through to next May our activity will concentrate on moving to the Cloud, widening the offering of custodial services, further registry process automation and data management,” the newsletter says.
MMC formed in 2004 ahead of a slew of changes to the NZ funds management regime such as KiwiSaver and the portfolio investment entity (PIE) rules. From a handful of foundation clients, including BT/Westpac, the admin business picked up a large swathe of the NZ boutique funds market as clients.
In 2016 local private equity firm, Pencarrow, purchased half of MMC for an undisclosed sum.