MMC has cracked through $50 billion in funds under administration (FUA) after bedding down its latest client last week.
Tom Reiher, MMC chief, said the transition of the almost $1 billion Pie Funds unit trust business went “incredibly well” with the shift from incumbent, Trustees Executors (TE), finalised early in June.
The Pie unit trust deal was first revealed in February this year following the boutique manager’s decision to appoint MMC as administrator of its JUNO KiwiSaver scheme last August.
Under the latest deal, MMC would provide Pie with all fund administration services including custody.
“Our strengthened relationship with Pie Funds reinforces our strategic direction at MMC – utilising our in-house technology to provide administration and infrastructure to our clients to enable them to better meet their client’s needs,” Reiher said in a statement.
Lance Jones, Pie chief operating (and financial) officer, said MMC had proven its capacity to provide a “modern, efficient” administration platform to the JUNO KiwiSaver.
“Seeing those advantages meant we were comfortable shifting our Pie investors,” Jones said in the release. “We look forward to an enhanced investor experience and better reporting for them too, plus potentially adding new features to our online client systems to benefit everyone who invests with Pie and JUNO.”
He said MMC had worked tirelessly to ensure a smooth transition while thanking the previous administrator for its support.
TE continues as supervisor for JUNO and the Pie unit trusts.
Based in Auckland, MMC now administers over $50 billion – more than doubling FUA over the last four years – on behalf of 28 clients and 145,000 investors. The business launched in 2006 with a fund accounting and unit pricing service but has since branched out into registry and custody.
In 2016, NZ private equity investor, Pencarrow, bought half of MMC through the-then new investment vehicle – the Pencarrow Bridge Fund.