Apex Group, a global financial services company with a major presence in Luxembourg, said on Wednesday that it has closed its acquisition of Implemented Investment Solutions, or IIS, and InvestNow in New Zealand. Financial details were not disclosed.
Following Apex Group’s entry into the New Zealand market with the recent addition of MMC, the acquisitions of IIS and InvestNow further expand Apex Group’s presence in New Zealand and Australia to over 500 employees.
IIS provides investment services to large global fund managers, enabling them to establish and distribute New Zealand domiciled funds to their investors. IIS is the issuer and manager of 22 investment schemes with approximately five billion New Zealand dollars (nearly three billion euro) of assets under management.
Expanding reach
The acquisition further extends the geographic reach of Apex Group’s existing third-party management company and distribution solutions currently delivered via its Luxembourg-based FundRock and LRI subsidiaries.
InvestNow is a digital retail investment platform enabling over 25,000 clients to invest approximately 1.3 billion New Zealand dollars of assets, online in over 150 different managed funds from New Zealand and global fund managers.
“This next chapter creates new opportunities for both our employees and clients as part of an institutional scale, independent and agile global business such as Apex Group,” said IIS founder Anthony Edwards (photo) in a statement. “As the New Zealand investment industry continues to thrive, Apex Group’s global reach and depth of product will enable us - and our clients - to continue to grow and capture the significant opportunity that exists, both domestically and globally.”