Implemented Investment Solutions (IIS) founder, Anthony Edmonds, has been named country head of the company that bought the fund-hosting business and direct-to-consumer platform last year.
Edmonds assumes the top job for the Apex Group NZ operations that includes IIS (now rebranded to FundRock NZ) and its InvestNow subsidiary as well as the fund administration arm, previously known as MMC.
The Bahamas-based Apex global group bought MMC (including the investment platform formerly known as Aegis) late in 2021 for an undisclosed sum, following up last year with the IIS buyout.
Under the new structure, Renée Tourell, remains as head of the ex-MMC business, reporting to Edmonds. Tourell stepped up from chief operating officer to replace exiting MMC chief, Vedran Babic.
Since the departure of Babic both Chris Watson, chief transformation officer, and, more recently, Leigh Ryland, chief risk officer, have left the business.
The revamp will also see MMC co-founder, Robert Moss, and Paul Mersi, end their respective tenures as independent directors on the Apex Group NZ boards with Edmonds and InvestNow/FundRock NZ executive director, Gareth Fleming, filling the vacancies. Ryland also gives up her board spots.
Nick Happell, Apex regional head of Australia and NZ, also serves as a director on the associated companies this side of the Tasman, including the InvestNow and IIS/FundRock entities where he was appointed as director this month. Happell heads the Australian Mainstream investment administration business, which Apex bought for A$410 million in 2021, just prior to the MMC deal.
As reported last week, former Smartshares chief, Hugh Stevens, has also recently joined the FundRock NZ board as an independent director.
In a statement, Apex global founder, Peter Hughes, said Edmonds would be responsible for delivering the group’s ‘single-source solution’ to NZ clients.
“Our local footprint is significant, reflecting that we support more than one million New Zealanders through our registry services and provide unit pricing and fund accounting services for KiwiSaver schemes and PIE funds who collectively have more than $130 billion of assets, and our InvestNow platform having more than 30,000 clients alone,” Hughes said.
While the wider Apex business offers similar fund-hosting and back-office services, the NZ acquisitions brought novel operations into the fold via the adviser-focused investment platform (ex-Aegis) and InvestNow.
The Apex global group also offers digital banking, depositary, fund-raising services and private company ESG-ratings, which would be available to NZ clients.
Edmonds said in the release that the combined local and global Apex services would allow clients to “focus on adding value through their investment decisions or growing their business by distributing funds efficiently”.
“As a management team, our collective focus is supporting the great talent we have within each of our six existing business lines, ensuring we leverage Apex Group’s global technology-enabled solutions, while also recognising the unique needs of the New Zealand market and our significant local client base,” he said.