New Zealand-based investment administration services provider MMC has fully acquired Australian specialist superannuation fund administrator IFAA Group.
Financial terms of the transaction were not divulged.
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MMC first picked a stake of around 50% in IFAA Group in March last year.
Brisbane-based IFAA Group includes three entities, namely Independent Fund Administrators & Advisers (IFAA), Superannuation Compliance Services (SCS), and Independent Professional Services (IPS).
IFAA offers administration and management services to superannuation funds, while IPS caters to investment platforms with a range of services including administration, accounting and unit registry services.
A specialist consulting business, SCS services the superannuation and advice industries. Its offering includes compliance, risk management, legislative research, internal audit and training services.
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By GlobalDataMMC co-founder and managing director Tom Reiher said: “The Group’s historical success proves there are strong opportunities in the superannuation and managed investment services sector in Australia.
“The arrangement we made in early 2020 was always intended to be our long-term entry point into Australia.”
MMC sees Australia as a “natural long-term expansion market”.
Founded in 2005, MMC currently administers nearly $90bn in funds for around 100 clients.
The Auckland-based business has a workforce of more than 150.
MMC has recently also made several management changes, with Andrew Griffioen named CEO of IFAA and IPS.
Karen Waldon-White has been named CEO of SCS, Clinton Nicholas chief information officer for IFAA Group, and Cathy Connellan general manager of client services for IFAA.
Additionally, Adam Somerville re-joined IFAA as manager of financial services.
Other recent M&A activities in Australia
In August 2020, NAB agreed to divest 100% of its MLC Wealth business to IOOF Holdings in a deal worth nearly $1.4bn.
Last November, Australian wealth management group Ord Minnett announced the acquisition of rival EL&C Baillieu.
A month later, CountPlus member firm Bentleys completed the terms for a tuck-in deal to purchase 50% of the business of Stirling Partners from Onesixtwo.
Meanwhile, recently, American private equity firm Ares Management scrapped its $4.9bn buyout offer for Australian wealth manager AMP.
