A boutique superannuation administrator has been acquired by Kiwi firm MMC in a move to expand its presence in Australia.
MMC is now the owner of Brisbane-based IFAA Group after it first bought a stake in March 2020 of nearly 50%. The total consideration for both acquisitions were not disclosed.
IFAA owns Superannuation Compliance Services (SCS), a specialist consultancy on superannuation risk management, compliance, audit and training, and Independent Professional Services (IPS), an executive management, admin and company secretarial service provider.
The group has made several senior leadership changes following the transition of ownership.
For IFAA, Andrew Griffioen was promoted to chief executive in May 2020 after serving as head of strategy.
Clinton Nicholas was appointed chief information officer, while Cathy Connellan was named the general manager of client services.
Adam Somerville recently re-joined IFAA as manager of financial services.
For SCS, Karen Waldon-White was appointed chief executive in mid-2020 after serving as general manager for over six years.
MMC co-founder and managing director Tom Reiher said the significant stake made in IFAA last year was intended to be a long-term entry point into Australia.
"We are very positive about the opportunities in the sector and that the IFAA Group is the right vehicle to expand our footprint in Australia," Reiher said.
IFAA Group co-founder and managing director Neil Harvey said that changes in the superannuation services market over the last few years saw the firm seek out a partner to "ensure that we could demonstrate underlying financial strength to potential clients and a continuation of the high-quality services our group provides".