Industry veteran sells business to ISG Group; Automating manual reporting

Matt Mimms has agreed to sell his fund distribution business, The Investment Store, to ISG which itself recently changed ownership.

Mimms is a former BT Funds management business development manager and established TIS in 2006 after leaving BT.

Meanwhile, Australian-based Shaw and Partners recently took a controlling stake in ISG which includes Clarity Funds, Devon Funds, JMI Wealth, Select Wealth, and TAHITO.

The Investment Store has represented a range of leading international investment firms in New Zealand, including Bentham Asset Management, Pengana Capital Group and India Avenue.  Mimms previously had Devon on the books at TIS.

ISG chief executive Richard O’Brien said The Investment Store “has played a pivotal role in connecting quality global investment solutions with New Zealand investors.”

ISG, which has more than $7 billion in assets across its group businesses sees the acquisition as “a natural extension of its commitment to offering world-class investment options to the local market.”

"Across our various business lines, we already work closely with a number of leading international fund managers including Capital Group, MFS, and Wellington," O’Brien says.

"We’re encouraged by the growing interest from high-calibre global managers in the New Zealand market. The acquisition of The Investment Store enhances our ability to broaden the range of quality investment opportunities available to our clients."

Mimms will remain involved in the business through a handover period running until early 2026.

Automating manual reporting processes

Meanwhile, ISG has appointed investment data management provider, AlphaCert, to support the delivery of its quarterly fund updates (QFUs) and Disclose Register reporting.

The partnership builds on a decade-long relationship between the two companies. ISG will implement AlphaCert's automated reporting modules to replace manual processes that previously relied on spreadsheets and individual expertise.

With more funds to report on and increased regulatory scrutiny, ISG recognised the need to move beyond manual processes that created single-person dependencies and timing risks.

"When you reach a certain number of funds, the manual model doesn't hold. Automating reporting became a necessity," AlphaCert customer solutions manager Vicki Purcell says.

"AlphaCert's solution transforms ISG's process by reducing effort and risk while providing the auditability regulators require," technical product manager Teri Edwards says.

"QFU on its own is not the hardest thing to put together. But then you start looking at a fund of funds, or you look through underlying fees, now it becomes quite cumbersome. Put it all together...and we are dealing with key person risk," ISG chief financial officer Niall Hartigan says,