ASL was established in response to the increasingly complex technology needs of fund managers, primarily as a result of Portfolio Investment Entity (PIE) and KiwiSaver developments. ASL provides fully electronic administrative, productivity and compliance services for New Zealand fund managers and is able to support all managed funds including KiwiSaver Funds and PIEs.

NZX CEO, Mark Weldon said, "The investment in Appello increases NZX's exposure to the managed funds sector, which began in 2006 with the acquisition of FundSource.

"We are excited by this new business, Appello provides services that will act to enable and support growth in managed funds investment by New Zealanders."

Craig Stobo, Chairman of ASL says "We are delighted that NZX has chosen to partner with Appello Services to deliver effective administrative, productivity and compliance services to New Zealand Fund Managers.

"NZX is an ideal partner for ASL as they will support the organisation in becoming the preeminent provider of electronic services to New Zealand fund managers while remaining independent from any fund manager, trustee or fund accountant. We believe this is vital in delivering these services," said Stobo.

The remaining 70% of the company will be held by interests of Appello Services board members and senior management.