Fund administrator Apex Group has closed the acquisition of Deutsche Bank Alternative Fund Services (Deutsche Bank AFS) business.

The deal, whose financial terms were not disclosed, was first announced in October last year.

The acquisition adds $170bn in assets under administration (AUA) to Apex’s books.

Apex said that the deal will enhance its offerings, including the addition of depositary and custody services. On the other hand, the acquired entity’s clients will gain access to an additional 18 jurisdictions through the deal.

Apex Fund Services founder and CEO Peter Hughes said: “The close of this deal is an important milestone in Apex’s evolution. We are now in a truly unique position to add genuine value to our clients as an independent provider with robust banking capabilities and services.

“Moving 300 people and a sophisticated technology offering is one of the most complicated undertakings there is. To have achieved this in such a short time is testimony to the hard work and skills of the integration teams on both sides.”

Apex recently also announced the acquisitions of M.M.Warburg & CO’s Luxembourg-based asset management and servicing business, and Guernsey-based private equity fund administrator and depositary Ipes. Apex’s AUA is expected to reach $535bn following the completion of these deals.