Apex NZ admin chief to exit

NZ funds administration and wealth management platform provider, Apex, is looking for a new chief executive following the resignation of current boss, Renée Tourell, for health reasons.

Tourell will officially finish a 15-month stint as Apex Investment Administration chief at the end of November, according to a note sent to clients last week.

She replaced Vedran Babic at the helm of MMC in August 2022 just as the firm rebranded under the colours of new owner, the global investment admin business, Apex.

Previously, Tourell served as MMC chief operating officer from April 2021.

In the client statement, Apex NZ group head, Anthony Edmonds, said Tourell was instrumental in “successfully steering the company as we transitioned to being Apex”.

“She has continued to maintain the energy and high standards necessary to run Apex Investment Administration even while undergoing treatment for breast cancer during the last few months,” Edmonds said in the note. “However, with some reluctance, Renée has decided to resign in order to focus on recovery and to spend more time with her family.”

He said the search for her replacement was underway with both internal and external candidates likely to be in the frame.

“It has been an honour to lead the Apex Investment Administration business in NZ. I am grateful to have had the opportunity to work with such a hardworking, dedicated and committed team,” Tourell told Apex staff. “The people and the team spirit are the true backbone of this business and the reason for its success. I am extremely proud of what we have achieved together and have loved working with the team and our clients.”

The Apex investment admin arm, which includes the adviser-focused wealth management platform formerly known as Aegis, boasts more than $100 billion in assets under administration. As well as performing fund back-office duties for many local investment managers and KiwiSaver providers, Apex also moved into the custody business several years ago.

The Bermuda-based Apex Group bought MMC at the end of 2021, adding the Wellington fund-hosting firm, Implemented Investment Solutions (IIS), last September in a deal that included the direct-to-consumer investment platform, InvestNow.

IIS chief, Anthony Edmonds, was named head of the Apex NZ group this July.

The Apex NZ admin division headed by Tourell sports a head-count of about 160 while IIS (rebranded as FundRock NZ) and InvestNow add a further 30 or so to the total.

Several senior MMC staff have left Apex NZ post the takeover including co-founder, Tom Reiher, last June and chief transformation officer, Chris Watson, in November of the same year.