Mercer has gone with MUFG Retirement Solutions to replace BNP Paribas Securities Services NZ as registry provider for its suite of more than 80 wholesale investment funds.
MUFG, formerly known as Link Market Services, has picked up most of the handful of BNP Paribas wholesale registry clients looking for a new home after the French owned group announced an exit from that niche administration business in NZ last year.
Marcelle Ashcroft, MUFG NZ head, said in a statement: “To secure a global client of Mercer’s calibre is a great win and we are looking forward to demonstrating the benefits and value our technology solution and administration capability brings.”
In the release, MUFG says the Mercer deal represents a “significant milestone” for the investment administration specialist that has “experienced substantial growth in the region in recent years, successfully completing a number of registry transitions”.
According to the statement, the group’s ‘Capital’ system is now “one of the largest platforms of its kind in New Zealand, building on its success in the Australian market”.
Capital, which is licensed to both AMP and ANZ, is used for administration across “a diverse range of investment products, from KiwiSaver and managed funds to master trusts, workplace savings schemes, and unit trusts”, the release says.
Link adopted the MUFG branding earlier this year after the-then ASX-listed business was acquired by the Japanese Mitsubishi UFJ Financial Group in December last year for A$1.2 billion in a deal finalised this May.
In NZ, Link offers registry for shares and funds as well as other related investor services.
Founded in Australia, the Link group also branched out to the UK, where it struck regulatory trouble when a subsidiary was caught up in the collapse of fund management firm run by high-profile identity, Neil Woodford.
The investment administration business had been for sale on-and-off for a couple of years, coming close to inking agreements several times before MUFG struck a deal.