Bermuda-based global financial back-office specialist Apex has snapped up NZ firm MMC just months after buying Australian investment administration provider, Mainstream.
The sale rounds off an almost 20-year journey for MMC, which has grown from scratch in 2002 to administer about $100 billion on behalf of fund managers, KiwiSaver providers and financial advisers.
MMC purchased the-then ASB-owned investment platform, Aegis, in 2019, rebranding it as MMC Wealth last year while also completing a buy-out of Australian administration business IFAA this February.
NZ private equity player, Pencarrow, bought half of MMC in 2016 via a fund vehicle.
Apex completed a A$410 million buyout of Australian investment administrator, Mainstream, in November.
But the MMC deal comes amid a busy week for investment administration mergers following the NZ$3.6 billion takeover of Link Administration by Canadian cloud-based professional services provider, Dye & Durham, today.
MMC was founded by Rob Moss and Tom Reiher in 2002, growing to a staff of more than 100 today headed by chief executive, Vedran Babic.