Apex Group and Genstar Capital have acquired Custom House, a global hedge fund administrator, which delivers services to alternative investment managers across Europe, Asia, and the Americas.
The addition of the Custom House business has bolstered Apex’s existing hedge fund service arm, and according to Apex, the acquisition has added a further $24 billion in assets under administration to the Group’s portfolio.
As well as this, the acquisition is a strong strategic and cultural fit given its independent business model and focus on delivering a personal approach to customer service, Apex revealed.
Custom House clients will gain access to an additional 19 jurisdictions, custody, and depositary solutions while retaining the value of working with an independent provider.
Meanwhile, Apex has an established private equity framework in place with over $300 billion in private equity assets.
Peter Hughes, founder and CEO, Apex Fund Services, said: "When I founded Apex in 2003 we were a specialist hedge fund service provider.”
“Now in our 15th year of business, the group has transformed into one of the world's largest global administrators servicing all asset classes and geographies, including an extensive private equity framework and expertise.”
He added: “Apex's founding principles of delivering exceptional client service remain the same today.”
“In turn, our extensive private equity and hybrid fund service infrastructure will open up new solutions to Custom House clients and deliver a truly global framework servicing the full value chain of any fund."
David Barry, COO of Custom House, said: “A key objective of the Group was to find a partner who has a similar ethos and would enable us to continue to put our clients first. We feel that Apex is a perfect partner to achieve this.”
“With combined assets of $560 billion, we are excited to be part of the Apex Group, and to support its continued growth and success."
Sid Ramakrishnan, vice president of Genstar Capital, commented: “We look forward to Apex continuing to execute on its organic initiatives and acquisition strategy while delivering best in class service and technology to global clients in an increasingly complex regulatory environment."
