The $24 billion Fisher Funds is set to consolidate registry under Apex Investment Administration in a blow for long-time incumbent, Trustees Executors (TE).
According to a Fisher statement issued last week, the administration change “was a logical move, particularly considering [the Apex] association with the registry responsible for managing the former Kiwi Wealth business”.
Nilesh Mistry, Fisher chief operating officer, said in the release: “In transition from Kiwi Wealth to Fisher Funds, we have been seeking to streamline back-office operations and deliver service enhancements for our clients. This shift marks another critical step in that direction.”
Recently appointed Apex NZ head, Donna Mason, said the Auckland-based fund administrator – acquired by the Apex global group late in 2021 – would now be responsible for 1.25 million underlying investors in the wake of the Fisher contract.
Fisher has been running two registry providers since its $310 million purchase of Kiwi Wealth was finalised last year.
Kiwi Wealth appointed Apex as fund administrator only in 2021, replacing an in-house system, ahead of the KiwiSaver default provider review.
Fisher, meanwhile, has been a loyal (and biggest) TE client for decades, selecting the Wellington-headquartered fund administrator for sole registry duties in its last back-office unification project in 2016 that saw Mercer lose out.
Mercer previously provided admin for the suite of funds (including KiwiSaver) managed by Tower, which Fisher bought in 2013.
It is understood, TE will retain some admin responsibilities for Fisher including fund accounting and unit-pricing as well as supervisor.
“Trustees Executors has had the privilege of providing registry administration services to Fisher Funds as a long-standing client,” TE said in a statement. “We acknowledge Fisher Fund’s decision and will continue to provide our exceptional services until the period ends.”
Fisher also tidied up another back-office detail at the end of last year, handing administration of the $1.6 billion Kiwi Wealth discretionary investment management services (DIMS) portfolios to NZX Wealth Technologies.
TE, ultimately owned by the Switzerland-based Sterling Grace, sold its wealth advisory arm to Perpetual Guardian in February this year. The group has also seen a leadership change following the departure of chief, Ryan Bessemer, last year.
Former chief, Rob Russell, returned to chair TE, too, in 2023 as the group refocused on the NZ market.
Earlier this month, Richard Klipin, also stepped down from the TE board. Klipin is set to return to Australia after resigning as head of the Financial Services Council in February. He spent almost seven years leading the FSC in NZ.
Russell said TE would “be appointing people” to replace Klipin, who served as non-executive director as well as chair of the audit, risk and compliance committee for the 140 year-old firm.
Meanwhile, Fisher part-owner, US private equity firm TA Associates, is also reportedly close to offloading its roughly one-third stake in the NZ fund manager. According to Australian press, two other private equity funds- the UK-based Permira and US manager, Blackstone – are in talks with TA over the Fisher holding. Taranaki community trust, Toi Foundation, owns the remainder of Fisher.
In 2021 TA took a minority shareholding in the global Apex group.