Rollup, Rollup: Apex Acquires IIS and InvestNow; NZ Admin Consolidation Continues

Apex Group, a Bermuda-based global investment management firm, today purchased Wellington’s fund hosting and platform business, Implemented Investment Solutions (IIS), for an undisclosed sum to expand its Australian asset suite. Added to

In a deal confirmed this morning (Tuesday, September 13th), Apex acquired IIS, which includes the InvestNow platform, in less than a year. After purchasing a key NZ Investment Management Specialist, MMC.

Under the terms of the deal, “IIS and InvestNow, along with the former MMC business, will become part of New Zealand’s Apex Group,” according to the release.

IIS founder Anthony Edmonds will report to Apex Global Chief Peter Hughes, and the company’s 28 staff will remain after the sale.

Edmonds said in a statement: Apex Group’s global capabilities and experience will enable us to continue to grow and seize the significant opportunities that exist within InvestNow. We are very excited to see what this means for our customers. “

Apex Global Chief and Founder Peter Hughes said the acquisition of IIS aligns with the group’s ambition to “increase its service depth on a global scale.”

“New Zealand’s investment management community continues to grow and the addition of IIS and InvestNow will further provide investors with a single-source solution for engaging local funds and serving the local market. It will be released.

Former head of sales and marketing at AMP Capital NZ, Edmonds launched IIS in 2010 to fill the then-vacant fund hosting niche.IIS hosts 22 funds managing over $5 billion. doing.

In 2017, IIS rolled out the InvestNow platform, expanding on the direct-to-consumer managed fund model pioneered by Rabobank in NZ. IIS Acquired LaboDirect Launched fund services in 2018, adding approximately $250 million in assets under management.

InvestNow recently reported approximately $1.3 billion in funds under management and over 25,000 customers, including the fast-growing KiwiSaver scheme.

Apex purchased MMC just before Christmas last year, just one month after acquiring Australian investment management firm Mainstream for A$410 million. Mainstream reported about A$300 billion under management at the time compared to about NZ$100 billion held at MMC across the fund and wealth management sector.

Founded in 2005 by Tom Reiher and Robert Moss, MMC is energetic aegis ASB’s NZ Wealth Management Platform in 2019.

Bedran, MMC chief last month Babik, resigned At the end of September, Chief Operating Officer Renée Tourell will assume the role for just over two years. Also, MMC was officially renamed She Apex Group NZ.

Apex currently employs approximately 10,000 people in over 50 global offices across Europe, Asia, the Americas and now Australia.

Hughes told Investment News NZ in May this year: [Apex buys] We aim to have one cohesive infrastructure and in doing so, we seek synergies through economies of scale, especially the systems and technologies around them. Additionally, we expect to expand our product suite and geographic offerings to ensure our clients receive all the services they need. “

Apex will offer services such as digital banking, international compliance technology, environmental, social and governance (ESG) ratings and advice, he said.

Clare Capital advised IIS with legal assistance from DLA Piper. Bell Gully served as legal counsel to Apex.