San Francisco
10 May 2017
Reporter: Mark Dugdale

Apex receives investment, buys Equinoxe


Apex Fund Services has simultaneously been recapitalised and acquired Equinoxe Alternative Investment Services, signalling its intent to expand within fund administration.

Private equity firm Genstar Capital has invested an undisclosed sum in Apex, which the fund administrator plans to use to boost its middle-office solutions and administer close to $80 billion in assets.

Apex began with the acquisition of Equinoxe, a hedge fund administrator with offices in Bermuda, Ireland, the US, Mauritius, Malta and Singapore. Financial terms of the deal, which is expected to close in Q3 2017, were not disclosed.

Peter Hughes will retain a significant equity stake in the combined business and will continue to lead it as founder and CEO. He said: “This is a significant step in Apex’s ongoing development as a global institutional provider. The Equinoxe team has built a successful business and its combination with Apex will provide a strong strategic and cultural fit.”

“We are extremely pleased to partner with Genstar, a firm that shares our guiding principles for delivering quality service to clients. We also share an ongoing commitment to growing Apex, both organically and through acquisition. We look forward to partnering with Genstar to continue to build scale and enhance Apex’s ability to service clients across multiple jurisdictions.”

Tony Salewski, managing director of Genstar, added: “There is a large and growing market for outsourced fund administration services to private and public market managers. The combination of these two leading and complementary businesses will immediately create a global fund administrator with significant scale, a full suite of solutions, global presence, and the expertise of an experienced management team.”

“The opportunity to build a platform around Apex fits squarely within our approach of investing in leading businesses that provide critical tools and services to the investment management industry. We are excited to support Peter and his team in driving accelerated growth through strategic add-on acquisitions and expansion within high growth areas of the fund services market.”

More fund services news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Citco: Fund admin for alternatives approaching tipping point
22 February 2018 | London | Reporter: Becky Butcher
Fund administration for the alternatives industry is approaching tipping point, according to the Citco Group of Companies
SimCorp selected by German pension fund
19 February 2018 | Berlin | Reporter: Jenna Lomax
SimCorp Dimension has been selected by Soka-Bau, a German pension fund, to manage its new front to back office investment management platform
Sino selects PFS-PAXUS fund administration software
16 February 2018 | Hong Kong | Reporter: Jenna Lomax
PFS-PAXUS offers a back-office fund accounting, portfolio valuation, fund pricing and transfer agency administrative solution on a single, fully integrated system
Blue Point Capital partners with PEF Services for fund administration
15 February 2018 | New Jersey | Reporter: Jenna Lomax
PEF Services will provide fund administration services to Blue Point to scale operations and support the firm’s growth
NSD offers clients opportunity to settle transactions via ICSDs
14 February 2018 | Moscow | Reporter: Jenna Lomax
The National Settlement Depository, Russia's central securities depository, has launched a new service to open individual accounts with international clearing systems
Maitland chosen as fund administrator for two Guernsey-domiciled funds
06 February 2018 | St Peter Port | Reporter: Jenna Lomax
Maitland will provide both firms with fund administration and company secretarial services
BNP Paribas reports ‘excellent business drive’ in 2017
06 February 2018 | London | Reporter: Jenna Lomax
BNP Paribas’s end-of-year report showed that 2017 was a year of strong growth in assets under custody and assets under administration
More fund services news