Brisbane-based superannuation fund administrator IFAA has been acquired by Auckland-based administration and consulting firm, MMC.
IFAA typically tended to concentrate on medium-to-small super funds and with its new shareholder, would look to scale up and service larger funds in Australia, but would not draw out any other resources from the NZ business.
It would also roll out its services to the retail and corporate super sectors and the broader investment platform market.
Tom Reiher, MMC’s managing director, said investing in IFAA provided MMC with the opportunity to leverage their core technology platform NeXus into a new market.
“This will provide the Australian business with a superior technology solution, allowing our New Zealand clients access to the Australian market in future.” Reiher said.
On completion of the purchase, Robert Moss (MMC executive chair) and Philippa Weston (MMC director) would join the IFAA board.
Weston was investment director with Pencarrow Private Equity, which owned half of MMC.