Apex Group has acquired Atlantic Fund Services, a US-based fund administrator.
The acquisition adds $12 billion in assets under administration to Apex Group’s portfolio.
The addition of the Atlantic business expands on Apex’s growing presence in North America, adding 75 people in Portland, Maine to existing offices in Atlanta, Charlotte, Chicago, Costa Mesa, New York and San Francisco.
Atlantic Fund Services is part of a continued acquisition streak from Apex. Since the end of 2017 the portfolio company of Genstar Capital has acquired Deutsche Bank’s Alternative Fund Services, M.M.Warburg & CO’s Asset Servicing business, LRI Group, Ipes and Custom House.
Peter Hughes, founder and CEO at Apex Group, said: “The addition of the Atlantic team to the Apex Group is particularly valuable when it comes to our US capabilities and the ability to service 40-Act funds. We have a strong focus on building our presence in the Americas and Atlantic’s successful mutual fund service model adds further weight to our investment in the US.”
John Keffer, chairman, Atlantic Fund Services, said: “The decision to join Apex is an acknowledgement of our ongoing commitment to providing our clients with first-rate products and services, and our people with lasting career opportunities. As we add our registered fund services to Apex’s expansive product line-up, the combined offering becomes compelling.”
Terms of the agreement are not being disclosed.
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