Apex Fund Services and private equity firm Genstar Capital have announced the acquisition of the Deutsche Bank’s Alternative Fund Services (AFS) business for an undisclosed sum.

The announcement reflects the rapid expansion of Apex Fund Services since it was recapitalized with Genstar and simultaneously acquired Equinoxe Alternative Investment Services.

The deal is in line with Apex’s strategy of becoming a top five global fund services business.

The deal will add $170bn in assets under management and also establishes Apex as the largest global independent administrator with over $300bn.

Apex’s global scope and connected operating model adds 18 investment jurisdictions to AFS clients, with local expertise available through its network of offices.

Apex’s local service delivery model, combined with AFS’ management, staff and platform, facilitates better client service.

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The combination will also enable a broader range of products and services to be offered to clients.

Apex founder and CEO Peter Hughes said: “This is another significant step in the evolution of the Apex Group.

“This transaction complements the existing Apex business and further strengthens our position as the leading independent provider of fund services globally.

“This acquisition is consistent with Apex’s ongoing commitment to continued strategic investments and to developing our product offering to become the most complete partner in the sector.”

Deutsche Bank global head of securities services Satvinder Singh added: “A key goal with this transaction was to find a partner that will continue to deliver high quality services to our Alternative Fund Services clients.

“We feel we have achieved our objective with Apex, with whom Deutsche Bank is looking forward to working closely over the coming months.”

The firms have not disclosed the terms of the agreement and the transaction is expected to be completed in the second quarter 2018.

Macquarie Capital acted as exclusive financial advisor and Willkie Farr & Gallagher offered legal counsel to Genstar and Apex.