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Maitland wins USD30bn MMI outsourcing mandate

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Global advisory and fund administration firm Maitland is to provide independent third-party administration services for MMI Holdings (Momentum and Metropolitan) domestic portfolios, which together total USD30 billion in assets under management

The mandate boost its assets under administration at Maitland to over USD280 billion, and comprises 1,500 investment portfolios of South African and international assets and over 33,000 monthly transactions.
 
The terms of the deal mean that Maitland will provide a “turnkey” administration platform to facilitate MMI’s strategic initiative of consolidating its investment capabilities under a single business and adopting a business model guided by innovative outcomes-based investment approach. This follows the merger five years ago of the operating brands of Metropolitan and Momentum to form MMI.
The agreement, effective from 1 November 2015, follows a “hybrid lift-out” model, whereby Maitland will assimilate a significant number of MMI’s operational staff into their new Johannesburg office to operate on the Maitland administration platform and provide further access to a new talent pool located in Johannesburg in addition to its traditional Cape Town hub.
 
Head of Business Development for Africa, Andre le Roux (pictured) says that Maitland was selected for its ability to provide a single operating platform for MMI’s investment administration consolidation programme.
 
“Using NeoXam’s NX Manager portfolio management software and SunGard’s Asset Arena (InvestOne) platform, we aim to transition MMI onto our operating ecosystem within 12 months of signing the agreement,” says le Roux. “We are equally excited to welcome the new staff complement which now gives us critical mass in the key Johannesburg location”.
 
Andre Nortje, COO of MMI’s Investments and Savings Division, says: “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.”

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