Financial services firm APEX Group has strengthened its technology platform with the purchase of fund administration software firm Pacific Fund Systems (PFS).

APEX Group has bought the business from the company’s co-founders and Pollen Street Capital.

PFS, which was established in 1999, helps its investment fund clients with its core PFS-PAXUS offering.

PFS-PAXUS is a dedicated accounting and administration software that has been designed to help manage various open and closed ended traditional and alternative funds, such as hedge funds and private equity investment tools.

It is said to be used by over 4,000 individuals at more than 100 clients, with around $1 trillion in assets under management.

Prior to the latest acquisition, Apex Group has been working with PFS on the use of PFS-PAXUS.

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By GlobalData

The deal allows Apex Group to extend its use of PFS-PAXUS to offer improved and independent portfolio accounting, fund and investor reporting services to its clients.

Financial and other details of the deal have not been disclosed.

Apex Group founder and CEO Peter Hughes said: “Through a combination of partnerships with award winning technology providers, as well as our own market leading platforms, we deliver high quality solutions to asset managers globally.

“PFS-PAXUS is a proven global technology solution for the funds industry that enables our clients and third parties to automate all fund administration components on a single platform.

“Bringing PFS-PAXUS into the Group will help us to continue exceeding client expectations by delivering a single-source solution which improves administrative efficiencies, implements essential controls, and manages our clients’ operational risk.” In September last year, APEX Group announced the acquisition of Canadian fund services provider Prometa Fund Support Services.