Auckland-based fund administration firm MMC has replaced Trustees Executors (TE) as registry provider for the Milford Asset Management range of KiwiSaver and portfolio investment entity (PIE) funds.
In a statement, MMC chief, Tom Reiher, said the Milford registry business would shift across from TE by June this year.
“We are excited at the opportunity to broaden our relationship with Milford,” Reiher said. “MMC has been providing Milford with pricing and accounting services since October 2014. Then, just over a year ago, when Milford launched their Private Equity Fund we undertook full back office services for this too.”
He said after launching the registry service in August 2016 MMC was on track to surpass 100,000 member accounts by the middle of this year including the 25,000 Milford fund investors.
The $5 billion Milford has a total of 21 KiwiSaver and PIE funds.
“Our registry services have undergone rapid growth over the last 18 months and it is an area we will continue to focus on and grow,” Reiher said in the statement.
Mark Ryland, Milford head of product and operations, said “it makes a lot of sense” to converge all fund administration services with a single provider.
“MMC’s technology platform fully integrates pricing and accounting with the registry functionality,” Ryland said in the release. “This is hugely advantageous for our business – resulting in processing efficiencies, sophisticated reporting and most importantly, underpinning the rollout of our new digital client portal.”
MMC has over $40 billion in funds under administration spread across 26 clients, of which 19 now use its registry offering (servicing almost 70,000 members) including the Simplicity and Generate KiwiSaver schemes.
Meanwhile, last week TE struck a deal with the platform provider, Consilium, to administer its retail investments. John Winch, TE head of private wealth, said in a statement: “Trustees Executors is delighted to be partnering with Consilium and FNZ for our retail investment platform, as we look to future-proof and refresh our investment proposition.”
TE has five authorised financial advisers in the private wealth team under Winch.