Continuing its buying spree, financial services provider Apex Group has agreed to snap up FundRock Management Company and FundRock Partners (FundRock) – an independent UCITS Management Company and Alternative Investment Fund Manager.
The deal, whose financial terms were not revealed, will help Apex bolster its ManCo business.
Upon completion in the first quarter of next year, the deal will increase Apex’s assets to around $1trn.
FundRock, which manages over $100bn of third-party assets for more than 90 blue-chip companies and asset owners, said that the deal will enable its clients to access new markets through Apex’s globally connected operating model.
Commenting on the transaction, FundRock CEO Xavier Parain said: “This transaction will enable us to draw on Apex’s international network, density of product and innovative solutions, such as its ESG Ratings and Advisory and digital banking, to support sustainable growth for our clients in a highly competitive market.”
The acquisition complements Apex’s Luxembourg-based ManCo LRI takeover, increasing its staff headcount by150 across Luxembourg, London, Dublin, Limerick, Paris as well as Singapore.
The deal currently awaits regulatory nod.
Apex Grou founder and CEO Peter Hughes said: “The FundRock business adds weight to our ManCo capabilities and further strengthens our single-source model, enhancing our ability to support clients across all aspects of their business – no matter where they are in the world.”
Found in Bermuda in 2003, Apex has 45 offices and a workforce of 4,000.
The FundRock deal is the latest in its series of consolidation activities.
Last month, the firm acquired UAE-based compliance and risk advisory firm Praesidium Advisory.
In March 2019, Apex purchased US-based peer Atlantic Fund Services while last February it snapped up Beacon Fund Services.
In August 2018, Apex acquired Custom House – a hedge fund administrator.
In June 2018, it swooped on Deutsche Bank Alternative Fund Services business.