Aegis gets a new owner

Bermuda-based Apex Group has entered into an agreement to buy Auckland-based MMC Group.

Apex is the world’s largest independent fund administration and middle-office solutions provider with more than US$1.5 trillion of assets under administration, custody, depository, and management.

Through the acquisition of MMC, the New Zealand investment market will gain direct access to global expertise, innovation, and world-leading technology solutions, the two groups say in a statement.

MMC has been servicing the New Zealand investment management community since 2005. During this time, MMC has grown to administer funds more than $100 billion and over 900,000 active investor portfolios, with around 100 clients relying on MMC to manage their investment administration to set them free to accelerate their own success.