Fund administrator Apex Group has agreed to acquire Beacon Fund Services (Bermuda), Beacon Corporate Services and Beacon Management for an undisclosed sum.

Bermuda-based Beacon serves offshore and domestic hedge funds as well as other international entities.

The business has $10bn in assets under administration (AuA).

The takeover boosts Apex’s total AuA to $610bn.

Apex believes that the deal will offer “immediate value” to clients of Beacon.

According to Apex, Beacon is a “strong strategic and cultural fit”.

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Apex founder and CEO Peter Hughes said: “We have been focusing on expanding our capabilities into new markets over the past twelve months, evident through the like of the Link Asset Services and Warburg acquisitions, yet the addition of Beacon demonstrates our simultaneous dedication to continuing to improve and build-out the core service areas that Apex was founded on.

“As Apex itself was also established in Bermuda, this is a natural fit to expand our presence on the Island and I am looking forward to welcome the team to the Apex Group.”

The acquisition will extend Beacon’s reach to an additional 28 regions.

It will also offer Beacon access to custody and depository solutions, and corporate services.

The deal is expected to close in the second quarter of this year, subject to regulatory approval.

The latest transaction comes shortly after Apex’s announcement to buy the Corporate and Private Client Services (CPCS) and Throgmorton businesses of Link Group’s Asset Services division.