Apex Group, a global financial services provider, has acquired Tzur Management, a fund administration services provider with offices in Tel Aviv, Israel and New York.
The deal will further enhance Apex’s geographic reach and ability to deliver high quality services to clients globally, on a local basis.
The acquisition of Tzur will add 90 employees, assets under administration of $13 billion and a new jurisdiction to the group’s footprint.
Founded in 2011, Tzur is a full-service, multi-disciplinary fund services manager serving clients in the global alternative investment market.
Tzur’s clients are now set to benefit from Apex’s global, cross-jurisdictional reach and additional services including digital banking, global compliance solutions and environmental, social and governance ratings and advisory.
Peter Hughes, founder and CEO of Apex Group, comments: “This acquisition is further evidence of our commitment to building a unique business, with an unrivalled density of high quality, locally delivered services for our clients.”
Hughes notes: “The addition of the Tzur business enables us to expand into the Israel market and further strengthen our regional presence. As the alternative funds industry continues to attract capital, we will continuously evolve our offering to provide tailored advice and support to these investment strategies and structures.”
Yitz Raab, CEO of Tzur, adds: “We are delighted to become part of the Apex Group, a leading financial services provider that shares our commitment to providing clients with a consistent, high quality service offering. This transaction will benefit our clients who can now take advantage of the strength of the Group’s global brand, cross-jurisdictional capabilities and wide range of additional services and innovative solutions.”
Terms of the transaction are undisclosed.
PwC Israel acted as financial advisor, while GKH and Willkie Farr and Gallagher provided legal counsel to Apex. Tadmor Levy provided legal counsel to Tzur Management.
Apex has made a number of acquisitions over the past few years. Most recently it closed the
acquisition of GFin Corporate Services, a Mauritius-based and licensed management company.
