MMC has partnered with Auckland-based firm Data Insight to produce a range of digital tools for its fund and wealth administration clients.
According to a release, the new service – dubbed MMC Digital & Insights – will be operational by the second quarter of next year, offering clients access to sophisticated data analytics and reporting facilities.
Vedran Babic, MMC chief, said the move was prompted by client demand for options that “deliver more accessible, information-rich services to their investors”.
“Investors’ expectations have changed – not only do they want to feel more in control of their investments, they want to feel familiar with and have similar access to the functionality and experiences they have with other brands using smart technology,” Babic said in the statement. “We can help our clients deliver this experience to their investors by offering seamlessly integrated digital tools that are quick and easy to deploy. Along with the creation and delivery of data-driven actionable insights, this will help our clients’ investors make more informed investment decisions.”
As well as enabling better investor engagement – such as for KiwiSaver default member education requirements – the new MMC digital toolkit includes:
- real-time dashboards to support investment and risk management decisions;
- application programming interface (APIs) and other tools to enhance efficiency and control through automation;
- holistic reporting and transactional capabilities; and,
- a high-level digital strategy overview to help businesses develop and improve the client experience.
MMC has established a dedicated internal team to manage the project alongside Data Insight.
Claire Bonham Holden, Data Insight chief, said in the release: “Data Insight is excited to be partnering with MMC that are future thinking, innovative and understand the power of data driven decision making and the value that it can bring.”
In November MMC embarked on an executive revamp, naming chief operating officer, Chris Watson, to the new position of chief transformation officer – among a raft of other changes. Data Insight founder, Carmen Vicelich, also joined the MMC board this July.
Aside from substantial organic growth in its core fund administration business, MMC has grown quickly after buying the Aegis investment platform last year from ASB. The group formally absorbed Aegis, now known as MMC Wealth Administration, into the business earlier this year.
Including MMC Fund and Wealth Administration, the firm holds about $90 billion of assets on behalf of more than 100 clients across funds management, financial advisers and other product providers.
Meanwhile, BNP Paribas Securities Services has landed the sub-custody mandate in Australia and NZ for the German stock exchange-owed trading back-office provider, Clearstream, replacing JP Morgan in the role.
JP Morgan told Australasian clients earlier this year it would exit sub-custody in the region, triggering a round of tenders in about half-a-dozen entities – with Clearstream, representing about $90 billion in assets, the biggest. It is understood BNP Paribas has picked up the majority of the ex JP Morgan sub-custody mandates decided so far.
Clearstream uses BNP Paribas for local clearing and custody for the Euronext (a trans-European exchange) and Turkish markets.
Samuel Riley, Clearstream head of investor services and financing, said in a release the sub-custody deal solidifies its “position in the APAC region”.
“Together with our recently opened Clearstream Australia subsidiary, this new partnership gives us the best conditions to serve our local customers and international customers investing in this thriving region,” Riley said.