Apex Group to buy IIS and InvestNow

WELLINGTON: A global financial services provider is set to buy the parent company of local retail investment platform InvestNow and fund hosting provider Implemented Investment Solutions (IIS).

Bermudabased Apex Group, which has more than US$3 trillion (NZ$4.89 trillion) of assets under management, will acquire Implemented Investment Holdings Limited for an undisclosed sum. The transaction would not require approval from the Overseas Investment Office which implies the deal is worth less than $100 million.

The acquisition would mean Apex adds 28 experts and expands its presence in New Zealand with more than 200 employees.

‘‘New Zealand’s investment management community continues to grow, and with the addition of IIS and InvestNow, will enable us to further deliver our singlesource solutions for investors . . .’’ Apex Group chief executive Peter Hughes said.

IIS and InvestNow chief executive Anthony Edmonds said he was proud of the growth in the two businesses and was excited to be joining the Apex Group and expand its services.

‘‘Both our clients and employees will benefit from leveraging Apex Group’s global fund hosting and management company capabilities . . . ’’

IIS provides investment services to global fund managers, giving them access to NZ domiciled fund for their investors. It has about $5 billion in funds under management and is the manager of 22 investment schemes.

InvestNow’s retail trading platform has more than 25,000 clients, managing $1.3 billion in assets, including a KiwiSaver scheme. — RNZ