Financial services provider Apex Group has purchased Canada-based Prometa Fund Support Services for an undisclosed sum.
Prometa has operations in Canada, US, and Bermuda. It primarily offers fund services to hedge funds, labour-sponsored venture capital corporations (LSVCCs) and mortgage investment corporations.
The firm manages more than $28bn in assets for nearly 50 fund companies.
The company will add Prometa’s 16 employees based in Winnipeg, Canada, once the deal is closed.
It also seeks to supplement its current locations in Toronto, Ontario as well as grow its overall workforce in Americas to more than 1,000 employees.
Apex Group noted that it plans to add 200 people in its Canadian business by the end of this year.
Post acquisition, Prometa’s customers will avail Apex Group’s international reach and various services such as digital banking and ESG ratings and advisory, among others.
The latest deal comes shortly after Apex Group acquired Sanne. Apex Group currently offers services to nearly $3tn worth of assets through a team of 10,000 people. The firm has more than 80 branches in over 40 markets.
A KPMG report stated that the progress of Canada’s asset management sector overtook the US and the global industry last year. The country’s assets under management rose 14% in 2021 to $3.6tn.
Apex Group founder and CEO Peter Hughes said: “The addition of Prometa to Apex Group further strengthens our service offering for clients in North America in the alternative asset management space.
“As Canada’s asset management industry continues to see impressive growth, this acquisition bolsters our ability to deliver our single-source solution locally and to be the best possible partner for our clients in this market.”