The platform is a scalable and modern investment administration system for managed investment services and along with MMC’s services, enables Kiwi Wealth to easily add to its selection of funds and focus on its core business – striving for excellent and sustainable investment performance combined with a highly engaging customer experience, says Kiwi Wealth's chief technology officer Craig Ward.

“Our recent transformation outsourcing our KiwiSaver registry, unit pricing and fund accounting functions – in partnership with MMC and Mosaic – has allowed us to significantly simplify the administrative aspects of the business and focus more on customer outcomes.

“Making significant changes to operating models is always challenging, even more so when faced with the pressure of the enhanced default requirements coming into effect in December.

"This challenge was successfully overcome thanks to having in-house expertise, and an enthusiasm to make Kiwi Wealth a better company."

It is not glamorous or exciting (except to those in the profession), there is no 'wow' moment but as Myles Allan, founding partner of Mosaic Financial Services Infrastructure, says “it is the invisible and unsexy building blocks on which you can then build the really great customer-facing stuff".

MMC chief executive Vedran Babic says they were able to transition full registry services, unit pricing and fund accounting for their KiwiSaver scheme from Kiwi Wealth to MMC in just under six months.

“The investment market is changing fast. Forward-thinking firms are thriving by offering an advanced client experience. We exist to partner with our clients to set them free to accelerate their strategic advantages.”

Allan says his team asked Kiwi Wealth "...a lot of what might seem annoying questions around strategic objectives".

"What we were seeking to establish was the fundamental core of their business and its aspirations – what it was they actually did.

“This deductive process enables us to drive a selection process that arrives at a platform best suited to support the business and accommodate change.”

One key aspect of this migration was an upgrade to daily unit pricing.

The ability to provide more frequent valuations helps investors make timely and informed decisions about their investment portfolio.

Another significant outcome of this transformation was a change to leverage cloud-based technologies – an important step in a longer-term technology strategy at Kiwi Wealth.

Ward says cloud-based technology offers flexibility and scale, providing customers with highly available digital services.

“Through outsourcing our investment administration to a trusted partner our teams are freed up to focus on ensuring every Kiwi deserves the opportunity to have a brighter financial future,” he says.