Bermuda-based fund administrator Apex Group has purchased US-based peer Atlantic Fund Services for an undisclosed sum.

Atlantic Fund, based in Portland, offers fund servicing solutions. The business tends to mutual funds, series trusts, closed-end funds, private funds and bank funds.

The transaction adds $12bn in assets under administration to Apex’s books, taking the firm’s total assets to $622bn.

As part of the deal, 75 Atlantic Fund employees will migrate to Apex’s offices in Atlanta, Charlotte, Chicago, Costa Mesa, New York and San Francisco.

Apex founder and CEO Peter Hughes said: “The addition of the Atlantic team to the Apex Group is particularly valuable when it comes to our US capabilities and the ability to service 40-Act funds.

“We have a strong focus on building our presence in the Americas and Atlantic’s successful mutual fund service model adds further weight to our investment in the US.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The award winning transfer agency solutions Atlantic brings will complement our European model and expand our US portfolio.”

Recent acquisitions by Apex

The latest deal comes shortly after Apex’s acquisition of Beacon Fund Services, with $10bn in assets under administration.

Other recent takeovers by Apex include that of Custom House, Deutsche Bank Alternative Fund Services business, Ipes, and M.M.Warburg & CO’s Luxembourg-based asset management and servicing business.