| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 04 April 2022 |
| Pathway(s) | Significant business assets only National Interest assessment |
| Investment | Acquisition of 100% of the shares in MMC Group Holdings Limited |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982. |
| Applicant | Apex Fund Services NZ Limited Bermuda (20.205%); Cayman Islands (77.999%); Malta (1.796%) |
| Vendor | The shareholders of MMC Group Holdings Limited Withheld under sections 9(2)(a) and 9(2)(b)(ii) of the Official Information Act 1982 |
| Background |
Apex Fund Services NZ Limited (Applicant) is a special purpose entity incorporated in New Zealand on 20 December 2021 for the purposes of completing the acquisition of 100% of the shares in MMC Group Holdings Limited under the terms and conditions set out in the share sale agreement dated 23 December 2021. Established in 2002, the MMC Group is a New Zealand end-to-end provider of investment administration services to a wide range of clients, including investment managers, banks, KiwiSaver scheme providers and financial advice providers. The MMC Group has over NZ$100 billion in funds under administration and offers both fund administration and wealth administration services. The Applicant is a non-New Zealand Government Investor for the purposes of the Overseas Investment Act 2005 and was therefore subject to a national interest assessment on the basis that it is a “relevant government enterprise”. This is because relevant government investors from the United States have aggregate ownership interests of more than 25% in the Applicant. The OIO is satisfied that the investor test has been met. The Minister of Finance has decided that the investment is not contrary to New Zealand national interests. |
| More information | Andrew Petersen / Elena Chang Bell Gully (Auckland) PO Box 4199 Auckland 1140 |