Retail investment platform InvestNow to be sold to global giant

Implemented Investment Holdings founder Anthony Edmonds to sell his Wellington-based business. Photo / Supplied

The Wellington-based company that owns popular retail investment platform, InvestNow, is being sold to a global financial services provider.

Apex Group Ltd has agreed to buy Implemented Investment Holdings Ltd for an undisclosed sum.

Implemented Investment Holdings owns InvestNow – a platform that hosts a selection of managed funds and term deposits offered by a range of fund managers and banks. More than 25,000 people have $1.4 billion of assets under management via InvestNow.

Speaking to the Herald, Implemented Investment Holdings founder and chief executive Anthony Edmonds said the proposed sale wouldn't directly affect InvestNow users.

However, he hoped having access to more capital would enable InvestNow to expand its product offering and make its site more mobile-friendly.

Edmonds will take on a senior management role when the acquisition goes through, as will Gareth Fleming – the chief financial officer and executive director of Implemented Investment Solutions, which is also owned by Implemented Investment Holdings.

Implemented Investment Solutions provides investment services to large global fund managers, enabling them to establish and distribute New Zealand domiciled funds to their investors.

It is the issuer and manager of 22 investment schemes and has about $5b of assets under management.

Edmonds said InvestNow and Implemented Investment Solutions staff will be retained. The sale will see Apex employ more than 200 people in New Zealand.

Apex recently entered the New Zealand market by buying fund and wealth administration service provider, MMC.

Apex said its acquisition of Implemented Investment Holdings would see the New Zealand investment industry benefit from access to the services it provides, including ESG rating, reporting and advisory, and digital banking.

Apex was established in Bermuda in 2003. It has more than 80 offices and 10,000 employees in 40 countries.