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Guardian Trusts takes 50% stake in MMC

-Press release

Tuesday 17th July 2007

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Guardian Trust has taken a 50% stake in specialist outsourced investment accounting and administration provider MMC.

MMC was launched in 2004 by former BT executives. It provides outsourced investment administration services to New Zealand-based investment managers and investment product providers. Currently it has 12 clients with around $2.3 billion in funds under administration.

Guardian Trust acting managing director Bryan Connor said the partnership would enable Guardian Trust to extend its participation in the fund administration market without compromising MMCs independence.

We have been leaders in corporate trustee services for a long time, and weve provided fund administration and custodial services for our own funds as well as for those of Asteron and Tyndall.

Guardian Trust, Asteron and Tyndall are part of the Suncorp Metway Group of companies.

MMC principal Robert Moss said Its been a very straightforward process, because its one of those relationships where both parties can see the clear benefits a partnership will have for their own business.

We have the advantage of drawing on the strengths of Guardian Trust, which has been in the forefront of wealth management for 125 years. Formalising our relationship will strengthen our proposition of providing quality and innovative outsourced investment administration services to the New Zealand managed funds market.

For more of the week's top news stories for financial advisers. Visit www.goodreturns.co.nz
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