NZX takes on Appello shares

Stock exchange operator NZX has bought a 30 per cent shareholding in funds management services business Appello Services.

NZX chief executive Mark Weldon said the move increased NZX's exposure to the managed funds sector, which began in 2006 with the acquisition of FundSource.

Appello provided fully electronic administrative, productivity and compliance services for New Zealand fund managers and was able to support all managed funds including KiwiSaver funds and PIEs, NZX said.