
Auckland-based fund administrator, MMC, has notched up its second KiwiSaver registry client in the space of a month.
MMC, which already provides fund accounting and unit pricing services to a range of KiwiSaver schemes, confirmed the rapidly-growing NZ-owned provider Generate as its second registry client last week.
Earlier this month MMC revealed the start-up low-cost KiwiSaver provider, Simplicity, as the inaugural client for its newly-launched registry system.
The addition of the $275 million Generate scheme represents “an enormous vote of confidence in MMC and our KiwiSaver registry offering”, according to MMC managing director, Robert Moss.
“They did their due diligence on us, and our technology caught their eye,” Moss said. “The fact that we own, develop and maintain a proprietary software platform allows us to further develop our capabilities and services in a rapidly changing environment – and, it put MMC in a great place to progress the required KiwiSaver processes.”
He said the MMC registry offered a “flexible and scalable” solution that would easily expand as both client numbers and underlying scheme funds under administration grow.
As well as registry, MMC also provides other admin services, including unit-pricing and fund accounting, to both Simplicity and Generate. With the addition of Generate, MMC has six KiwiSaver clients overall.
Prior to signing with MMC, Generate used the now-closing Aon fund administration service. Last year Aon revealed it would transition its NZ fund admin clients, including a raft of KiwiSaver schemes, to the Australian-based Link Market Services. However, following a round of fund closures and mergers it is understood just three KiwiSaver providers – Aon, NZ Funds and the Medical Assurance Society – will switch to Link.
Henry Tongue, Generate chief executive officer, said the firm was looking forward to transitioning to MMC next month.
“Generate is very focused on providing a KiwiSaver experience which is second to none,” Tongue said. “After an in-depth RFP process MMC stood out offering superior technology, services and flexibility. On top of that, MMC is prepared to go the extra mile which will help us achieve our goal of being the KiwiSaver provider of choice.”
According to the latest Aon Hewitt KiwiSaver quarterly report, Generate has been the fastest growing scheme this year after adding more than 60 per cent in funds under management, or almost $90 million, over the first half of 2016.
MMC has 25 clients with funds under administration in excess of NZ$26.8 billion, Moss said, covering unit registry, asset valuation, unit pricing and fund accounting services for over 230 investment funds with a mixture of daily, weekly and monthly unit pricing.