Applicant
Apex Fund Services NZ Limited
Case number(s)
202200019
Decision date
Type
Decision
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