Implemented Investment Solutions (IIS) has rebranded its fund-hosting service under a brand used by new parent company, Apex Group.
As of last week, the IIS hosting business name has changed to FundRock NZ, echoing the label attached to the Luxembourg-founded firm bought by Apex in 2021.
Apex picked up IIS, including the direct-to-consumer platform InvestNow, last September almost two years after entering the NZ market with the buyout of investment administration specialist, MMC.
The Bermuda-headquartered Apex has accumulated a vast investment back-office empire in a global shopping spree that has accelerated over the last two or three years.
FundRock formed in 2015 out of an amalgam of European fund-hosting firms before entering the Apex family six years later. The FundRock name is now also attached to another Luxembourg-based fund administration player, LRI.
FundRock has about €154 billion in funds under management on behalf of more than 660 underlying products while FundRock LRI services more than US$33 billion and 355 funds.
Formed in 2010, the Wellington-based IIS has more than 20 fund-hosting clients and over $5 billion of assets under management (plus a further $1.4 billion on the InvestNow platform).
Anthony Edmonds, IIS founder, said the Apex and FundRock connections have added global clout to the firm’s local expertise in hosting portfolio investment entity (PIE) and KiwiSaver clients.
“FundRock’s global reach and expertise ensures that we can be the ultimate distribution partner for the investment managers we work with, enabling them to focus on capturing the growth opportunities that exist in the NZ market,” Edmonds said.
Starting with the Russell Investment Funds in 2010, IIS has grown its fund-hosting list to more than 20 of – mainly offshore-based – managers including Dimensional, First Sentier, Franklin Templeton, and Coolabah.
“We think it’s only a matter of time before a major locally based investment manager or bank outsources the regulatory work involved with issuing and managing their investment funds and KiwiSaver schemes, enabling them to fully focus on distribution and growth opportunities,” he said.
IIS also hosts fast-growing financial adviser-linked KiwiSaver provider, Aurora, as well as its own InvestNow-branded scheme.