Apex Group Ltd, the global financial services provider based in Bermuda, has closed the acquisition of New Zealand-based MMC Group.

MMC is the country’s leading provider of investment administration services, Apex said, and includes the wholly owned IFAA Group in Australia that offers fund administration, compliance and auxiliary services to the Australian superannuation industry.

Founded in 2005, MMC provides full outsourced investment administration services to New Zealand’s investment managers.

It has grown to administer funds over NZ$100 billion ($68 billion) and over 900,000 active investor portfolios, with over 100 clients entrusting MMC with their investment administration, Apex said.

The acquisition of the MMC business marks Apex’s entry into New Zealand through the addition of an experienced team of 170 people, based in Auckland.

Rebranding as part of Apex Group, MMC will continue to provide fund and wealth administration services to the New Zealand investment market.

Apex said this acquisition will also strengthen the provision of services to clients in the Australian market with IFAA enhancing the group’s ability to offer a comprehensive service to Australian superannuation fund clients, delivered by a team of 30 local market experts.

Through this acquisition, Apex said, MMC and IFAA’s clients will now benefit from access to the group’s global, cross-jurisdictional reach and range of additional services including digital banking, global compliance solutions and ESG ratings and advisory; and accessing new markets through its international network.

Peter Hughes, founder and CEO of Apex Group, said: “We see huge opportunity in the thriving New Zealand and Australian investment markets and the local expertise of the MMC team will underpin the delivery of our broad range of high-quality solutions for clients.

“We look forward to the benefits this acquisition will also bring for MMC and IFAA’s existing client base and employees, providing them with access to the group’s scalable single-source solution, technology innovation, international reach and market connectivity.”