Apex Group, a global financial services provider, is set to acquire BRL Trust Investimentos, Brazil’s independent fund administrator.
The group explains that this acquisition reinforces its intent for the Latin American market, supplementing its private equity capabilities.
Meanwhile, the group is also adding liquid asset servicing capabilities for Brazil and the broader Latin American market.
Ricardo Lima Soares, head of Latin America for Banco Modal’s alternative fund administration business in Brazil (MAF), has extensive experience in the local market, and will help oversee the group’s local operations and support its continued expansion in the region.
Apex notes that this deal further complements the group’s previous announcement of its intent to acquire MAF, the fund administration business of the Brazil-based Banco Modal which is currently awaiting regulatory approval.
The BRL Trust business will add $198 billion Brazillian real (USD $38 billion at current exchange rates) in assets under administration and $166.7 billion (USD $32 billion at current exchange rates) in assets under custody, across 560 international and Brazilian investment funds.
BRL Trust serves a range of clients, focusing on large international institutional investors, sovereign wealth funds, private equity firms, large conglomerates and financial institutions, as well as prominent domestic investors.
This includes asset managers, single and multi-family offices, banks, insurance companies and other professional investors.
By joining the Apex Group, BRL Trust’s clients will benefit from the group’s single-source solution via new products and markets, serviced by over 4,200 people across 46 offices worldwide.
Upon completion of the deal, BRL Trust will add in excess of 160 employees to the group, increasing its overall Americas headcount to over 500 people, while also broadening Apex’s existing presence in the Americas through offices in Sao Paulo and New York.
Peter Hughes, founder and CEO of Apex Group, comments: “We continue to see significant opportunity in the Latin American market and with the strategic acquisition of BRL Trust, Apex becomes the largest independent services provider in the Brazilian market. Whether managers are looking to raise, operate and invest funds domestically in Brazil or across international markets, Apex will now be the default choice to service these funds using a coordinated single-source offering.”
Danilo Barbieri, co-CEO, BRL Trust Investimentos, adds: “We share Apex’s vision for the significant value and growth potential in the Brazilian market and we are excited to become part of a Group that has grown to become one the largest international providers, offering the broadest depth and range of services in the industry. Our clients will see the benefits of Apex’s international experience and presence as well as an expanded range of products.”
Financial terms of the transaction were not disclosed. Completion of the transaction is expected in H2 2021 and is subject to customary terms and conditions and regulatory approvals.
Last month, Apex acquired Tzur Management, a fund administration services provider with offices in Tel Aviv, Israel and New York.
