Global advisory and fund administration firm Maitland has entered into a contract with MMI Holdings (Momentum and Metropolitan), a South Africa-based financial services group.
Maitland says the $30 billion win comes during a period of rapid global growth for it, and will boost its assets under administration to over $280 billion.
Maitland says it 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.
The agreement, effective from November 1, follows a hybrid lift-out model. Maitland will assimilate a significant number of MMI’s operational staff into its 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.