Auckland-headquartered fund administrator MMC has expanded from its back-office base rolling out a series of new “investor facing” applications.
In its latest newsletter released last week, MMC says three new clients have signed up for the group’s ‘investor portal’ joining the two firms that have been using the service since it launched this June.
“The accompanying advisor portal will be released to these two clients by calendar year end,” the newsletter says, giving financial advisers permissioned access to client investment information.
As well, MMC has released a new “automated onboarding” system promising “almost instant application turn-arounds with digital validation and electronic review processes”, the firm says in an explanatory document.
Traditionally, MMC has operated in the back-office space specialising in fund accounting, registry and reporting services that generated little direct contact with end clients.
“We have now turned our attention to investor facing technology to reduce the paperwork and let you focus on what you do best,” MMC says.
Despite the move into end-client territory, MMC continues to shore up its core NeXus platform to “ensure the system is Cloud-ready”.
Since June, the firm has added further performance and management fee services ahead of new KiwiSaver reporting requirements while also incorporating “term deposit functionality” in the registry system.
“Through to next May our activity will focus on further registry system changes, releasing investor facing technology, surveying clients and offering custodial services,” the newsletter says.
As at the end of October, MMC reported funds under administration of $34.7 billion spread across 26 clients, compared to $22 billion and 27 clients in May 2015. Over that period the firm has grown staff numbers from 34 to the current 52.
“We are calculating unit prices for over 260 funds, maintaining registry accounts for over 55,600 investors,” the newsletter says.
Almost a year ago to the day, NZ private equity firm, Pencarrow, bought a 50 per cent share in MMC via a new investment vehicle, the Pencarrow Bridge Fund.