One of the interesting trends over the last year was how the funds management world changed. And it changed significantly.

Amongst the list of deals we have Fisher Funds buying Kiwi Wealth. Then, in a surprise to all, NZX's Smartshares bought Craigs Investment Partners funds management business Quay Street.

We had two long-time Pie Funds portfolio managers blast off with their Discover Funds business. Meanwhile, Ralph Stewart's Lifetime group has been buying legacy superannuation funds. 

Then there is the curious story of Mercer buying (or being given) Macquarie Asset Management's wholesale and retail funds business, formerly AMP Capital.

No-one, let alone the staff saw this coming. 

Everyone thought Macquarie buying AMP Capital was the start of a reinvigoration of a once dominant local funds management business. Alas, no.

One of the funny stories is that when Covid lockdown restrictions eased the Macquarie executives were excited to jet across the Tasman and see their new, freshly branded offices on Wellington's waterfront.

Unfortunately, the building was suddenly deemed unsafe and Macquarie's New Zealand staff went back to working from home.

Added to this already signifiant transaction list was wheeling and dealing in the funds administration business space.

Until a year ago I doubt many people in New Zealand would have known about Bermuda-based Apex - a big global player in funds administration.

In less than a year it had bought MMC (which not that long ago bought the Aegis platform from ASB) then it picked up Anthony Edmond's implented Investment Solutions business.

What are the takeouts from all these deals?

The key one is the importance of scale. NZX reckons a fund manager needs between $15 billion and $20 billion to be at critical mass. Clearly, NZX will buy its way to growth.

The question here is

Fisher Funds, similarly is besotted with growth. It is arguably the most acquisitive manager in New Zealand, with a long list of deals over the years.