Apex Group has completed its previously announced acquisition of Mainstream Group, which specialises in fund administration services.
The deal, whose financial terms have not been disclosed, was wrapped following approvals from Mainstream’s shareholders, the Federal Court of Australia and regulators.
Mainstream will now operate under the Apex brand and continue to provide fund administration and related services to over 1,400 funds and more than 189,000 investors.
The transaction adds over 360 new employees across Apex’s locations in Australia, Singapore, Hong Kong, the US, Isle of Man, Malta, Ireland, and the Cayman Islands.
The firm will now have 50 offices worldwide, with 5,000 employees servicing $1.5trn in assets across administration, depositary, custody, and under management.
Apex Group CEO and founder Peter Hughes said: “We are pleased to welcome Mainstream to the Apex Group, which we believe provides the best platform for the company’s continued success and international expansion.
“This acquisition forms part of our strategy to continually enhance our single-source model, and significantly expands and deepens our service and product offering for clients across all geographies and aspects of their business.”
Recently, Apex wrapped up its purchase of ARM Swiss Representatives, after securing the clearance of FINMA.
In August, the firm acquired Brazilian independent fund administrator BRL Trust Investimentos.
Upon completion of its planned takeover of Sanne Group, the group will oversee $2.2trn in assets across administration, custody, depositary and under management.
Last year, Apex set up a new digital bank and onboarding platform for asset management space through its subsidiary European Depositary Bank.