Advisory and fund administration firm Maitland has secured a contract with South African based MMI Holdings in a deal worth around $30 Billion in assets under management.
The contract, which will see Maitland’s assets under administration boosted to over $280 billion, is comprised of 1,500 investment portfolios of South African and international assets and over 33,000 monthly transactions.
Under the new deal, Maitland will provide a “turnkey” administration platform to facilitate the South African based financial services group’s new strategic initiative.
As part of the agreement Maitland will bring a significant number of MMI’s operational staff into its Johannesburg office.
COO of MMI’s investments and savings division Andre Nortje spoke of the thinking behind the partnership.
“Maitland’s track record demonstrated that we would be able to satisfy our twin imperatives of consolidation and speed of implementation of our domestic portfolios, onto their internationally capable administration ecosystem. “
“It will accelerate the execution of our growth strategy by allowing us to focus our management time on our investment and client experience value propositions.”
Maitland secures $30 Billion MMI holdings mandate
Advisory and fund administration firm Maitland has secured a contract with South African based MMI Holdings in a deal worth around $30 Billion in assets under management.