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.
“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.