MMC chooses another default Kiwi Saver provider

Monday, September 20, 2021 6:00 AM

Kiwi Wealth has placed management of the default Kiwi Saver scheme on the MMC platform in accordance with BNZ.

MMC states that this is an extension of the service to Kiwi Wealth. It provides unit price and fund accounting for Kiwi Wealth’s managed funds and Kiwi Saver products, in addition to a complete registry service.

By migrating these services from an in-house operating model to MMC, Kiwi Wealth provides a scalable infrastructure that leverages economies of scale while responding to growth and improving investment outcomes for its members and investors. increase.

The soon-to-be-implemented operating model supports Kiwi Wealth’s requirements as the default Kiwi Saver provider and includes full PIE and other tax calculations, adjustments, and reports. MMC’s API interface with IRD improves automation, accelerates Kiwi Saver transfers, and improves the overall member experience. Kiwi Wealth also leverages MMC’s API to provide an industry-leading digital investor experience layer.

“By coordinating the operations of Kiwi Wealth’s Kiwi Saver and Managed Funds, we can benefit from operational synergies, agility and mitigation of operational risk,” Kiwi Wealth Chief Technology Officer Craig Wardsays said in a statement. I am. The operations team will be freed to focus on what we do best. Create better financial futures for kiwi by helping people get information about how their wealth can grow. “

The relationship between Kiwi Wealth and MMC dates back to 2018, when we first started using investment management services for MMC’s investment funds. Once the KiwiSaver migration is complete, Kiwi Wealth expects the rest of its products, including private portfolio services, to continue.

The acquisition of Aegis by MMC in December 2019 means that it can provide a comprehensive investment management solution that spans both fund and wealth administration services.

Meanwhile, by joining MMC’s investment management community, Kiwi Wealth benefits from streamlined and robust operations services that leverage the latest cloud technologies. This includes regulatory compliance, complex reporting requirements, and AML (Money Laundering Prevention) checks.

tag: Kiwi wealth Kiwi Saver MMC

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MMC chooses another default Kiwi Saver provider

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