Apex Group (Apex) has announced the planned acquisition of the Bank of America’s Irish depositary business, Custodial Services (Ireland) Limited (BACSIL), through its subsidiary, European Depositary Bank (EDB).
Through the acquisition, Apex will develop its existing depositary services in Ireland. Via EDB and specialist local entities, the group already offers depositary solutions in the UK, Luxembourg, Malta, Sweden, Denmark and the Netherlands.
BACSIL’s clients will benefit from Apex’s global reach, with solutions available for areas such as custody, digital banking and ESG rating and advisory.
BACSIL services onshore and offshore funds, including UCITS and alternative investment funds. The firm currently provides services to US $71.4 billion in client assets.
The announcement follows a string of acquisitions for Apex as it seeks to broaden its presence in the European depositary services market.
Peter Hughes, founder and CEO of Apex, says: “The addition of BACSIL continues our strategic priority of strengthening the local delivery of our independent depositary services in Europe. BACSIL’s clients will continue to receive all the existing solutions they require and a continuity of service, while also benefitting from access to our full range of global solutions.”
