Apex Group has acquired Broadscope Fund Administrators, a US-based private equity fund administrator.
The acquisition adds 74 employees from Broadscope’s Boston and New Jersey offices and a fund administration business delivering solutions to North American private equity clients, utilising the AltaReturn technology platform which Broadscope has used since 2011.
Apex has experienced substantial growth over the past twelve months, acquiring Atlantic Fund Services and Goldensource to further strengthen its capabilities and presence in the US.
Apex now has 260 employees across the Americas region, with offices in Atlanta, Bermuda, Boston, the Cayman Islands, Charlotte, Chicago, Costa Mesa, New York, New Jersey, Portland, San Francisco and Toronto.
Since the end of 2017, the portfolio company of Genstar Capital has also acquired Deutsche Bank’s Alternative Fund Services, M.M.Warburg & CO’s Asset Servicing business, LRI Group, Ipes and Custom House.
Peter Hughes, founder and CEO of Apex, said: “The addition of the Broadscope team to the Apex Group further strengthens our US private equity presence and capabilities in the Americas region.”
He added: “Our clients are now able to access services across the full spectrum no matter where they are based in the world. The 20 percent organic growth we experienced over the last year is a testament to the success of our integration strategy and demonstrates that we are still winning big mandates while we grow and continue to deliver exceptional service to our clients.”
Frank Palmeri, founder and managing member, Broadscope Fund Administrators, said: “Our focus has always been on client service, therefore the decision to join the Apex Group was a natural fit for us: it provides both our clients and employees with positive opportunities for the future in a competitive fund administration landscape.”
