Apex Fund Services has acquired North Carolina-based Pinnacle Fund Administration.
Apex intends to introduce its middle management and fund administration services to the US and Canadian markets through Pinnacle’s offices in New York and Vancouver. In particular it will focus on its Capital Introduction Service and daily middle-office support and outsourcing services.
Pinnacle also has offices in Vancouver and New York. Its existing clients will benefit from Apex’s range of fund administration services, while expanding market reach through access to a network of 34 offices worldwide.
Bill Salus, global CEO of Apex Fund Services, said: “With the Pinnacle team firmly on board we will surely continue the global [assets under administration] growth we achieved over the past decade.”
“We are highly impressed with Pinnacle’s commitment to its clients and believe they are the ideal partners to help build our North American operations.”
John Kelly, a managing member of Pinnacle, said: “During this period of industry consolidation, we analysed all of the key drivers that have contributed to our success and concluded that it was in our clients’ best interests that we link up with an entity that enables us to broaden our service offerings without sacrificing quality.”
He added: “We then started the daunting task of identifying a partner that matched our business philosophy and ethics. I am delighted to report that we have found an ideal partner in Apex. We are excited about working with Apex management to grow and increase the visibility of the Apex brand worldwide, but particularly in the key market of North America.”
