Auckland-based fund administration firm MMC is phasing in a succession plan with revised roles for the two founders, Tom Reiher and Robert Moss.
Reiher, previously MMC chief operating officer, has taken on the CEO role with responsibility for the firm’s day-to-day management.
Meanwhile, Moss, who retains the managing director title, has been stepping back from daily operational tasks to focus on the firm’s long-term strategy and growth opportunities.
He said the top-level changes would also allow the next generation of MMC executives to step up.
“We’ve got a team of 48 staff with some very talented people at the senior level,” Moss said.
The MMC leadership team includes Paul Bishop, Chris Watson, Craig Richardson, Portia Martin, Nicola Tait and Leigh Ryland.
According to Moss, last year’s partial sale to private equity firm Pencarrow enabled MMC to reposition the fund back office specialist, which recently surpassed $30 billion funds under administration (FUA), for further growth.
“We’ve been talking with the new shareholder about the best ways to operate in this growing and changing market,” he said.
Pencarrow representatives Philippa Weston and Nigel Bingham joined the two founders on the MMC operational and holding company boards late last year with a search for an independent chair currently underway.
In 2016 MMC expanded from its traditional fund admin and accounting business into the KiwiSaver registry field, taking on Simplicity and Generate as foundation clients.
As at the end of May this year MMC reported over $31 billion in FUA for a collective 26 clients.
“We calculate 222 unit prices daily, maintain 50,392 investor/member accounts for 68,518 investments,” the newsletter says.