Bermuda-based fund administrator Apex Group has agreed to acquire Guernsey-based private equity fund administrator and depositary Ipes from private equity firm Silverfleet Capital for an undisclosed sum.

Ipes, established in 1998, currently oversees $165bn in assets. The firm employs around 265 staff across five offices in Europe, and has 195 clients.

Apex said that the acquisition will make it the fifth largest fund administrator globally, taking its headcount to around 2,000 and its total assets to $535bn.

On the other hand, the deal will offer Ipes clients access to an additional 19 jurisdictions, where Apex operates.

The transaction is expected to close in the third quarter of this year, subject to regulatory nod.

Apex Fund Services founder and CEO Peter Hughes said: “This deal marks another momentous milestone for Apex, positioning us as the fifth largest fund administrator in the world—a goal we set out to achieve over a five-year period but have achieved in just under a year.

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“Our focussed growth strategy is designed to build out the global Apex portfolio of services and increase our expert resources across key markets. Throughout this growth we remain steadfast and committed to upholding the hallmarks of the Apex brand—offering flexibility in the solutions we offer, exceptional locally delivered customer service, and wrapping that framework around best-in-class technologies.”

Apex has announced several acquisitions in the past one year. In January this year, it agreed to acquire M.M.Warburg & CO’s asset management business in Luxembourg.

Apex also announced the acquisition of Equinoxe Alternative Investment Services in May 2017, followed by an agreement to acquire Deutsche Bank’s Alternative Fund Services (AFS) business in October last year.