Financial services provider Apex Group has concluded the acquisition of FundRock Management Company and FundRock Partners- an independent UCITS Management Company and Alternative Investment Fund Manager.

The deal, which increases Apex’s assets to $1trn, was announced by the firm last October. It complements the company’s takeover of Luxembourg-based ManCo, which took place in 2019.

Speaking on the development, Apex Group founder and CEO Peter Hughes said that the close of the deal would enhance the company’s service model.

Hughes added: “This strategic acquisition further strengthens our single-source model, grows our ManCo capabilities and expands our ability to support clients across all aspects of their business – no matter where they are in the world.”

Apex will extend its single-source solution capabilities, across fund solutions, middle office, ManCo services, digital banking, corporate solutions and ESG ratings and advisory services, to the clients of FundRock.

Additionally, FundRock will receive access to the group’s international presence and new jurisdictions through its globally connected operating model across 45 offices with a workforce of 4,000.

FundRock head Xavier Parain commented: “We are pleased to join the Apex Group, whose international footprint, density of product and innovative solutions will help us better serve our clients.

“Our existing reputation for delivering leading ManCo solutions, combined with the Apex’s broad breadth of services and geographical presence, creates a powerful partnership and gives us further strength and support as we continue to expand and evolve our business.”

FundRock will now be a subsidiary of Apex Group and retain its brand.

In December 2020, the group agreed to buy Mauritius based and licensed management company GFin Corporate Services, which offers fund administration services to institutional clients.