Fund administrator Apex Group has acquired Custom House, a hedge fund administrator with over $24bn in assets under administration, for an undisclosed sum.
Custom House offers fund administration services to more than 200 alternative investment managers and 500 investment funds.
The firm’s offices are located in Beijing, Chicago, Dublin, Geneva, Hong Kong, Malta, Rotterdam, Shanghai, Shenzhen, Singapore, Sofia and Sydney.
The takeover of Custom House increases Apex’s assets to $560bn. Earlier this year, the firm announced the acquisitions of M.M.Warburg & CO’s Luxembourg-based asset management and servicing business, LRI Group, and Guernsey-based private equity fund administrator and depositary Ipes.
Apex also wrapped up the acquisition of Deutsche Bank Alternative Fund Services business in June this year.
Apex Fund Services founder and CEO Peter Hughes said: “Apex’s founding principles of delivering exceptional client service remain the same today. We built our business on those values which enabled strong organic growth, ultimately resulting in the Group’s recapitalisation by Genstar last year.
“I am proud of the journey Apex has undergone and where we came from. Custom House is aligned with this approach to client service and fits extremely well into the Group, utilising the same platforms and further bolstering our hedge expertise and capabilities. In turn, our extensive private equity and hybrid fund service infrastructure will open up new solutions to Custom House clients and deliver a truly global framework servicing the full value chain of any fund.”
The latest deal is slated to close in the fourth quarter of this year, subject to regulatory approval.
Custom House CEO Mark Hedderman will quit the group as part of the deal and “explore new opportunities”.
Custom House COO David Barry said: “A key objective of the Group was to find a partner who has a similar ethos and would enable us to continue to put our clients first. We feel that Apex is a perfect partner to achieve this.”