Apex Completes Deutsche Alternative Fund Services Deal
Apex Group Ltd announced today that it has completed the acquisition of Deutsche Bank Alternative Fund Services, adding $170 billion in assets under administration to the Group's portfolio.
First announced in October 2017, the acquisition of Deutsche Bank AFS strengthens Apex's breadth of service, including the addition of depositary and custody services, and builds on the strong working relationship and history of collaboration between the two companies. With the successful close of this transaction, Deutsche Bank AFS employees will be fully integrated into the Apex team, and Deutsche Bank AFS clients will gain immediate access to an additional 18 jurisdictions, as well as Apex's renowned local service delivery model.
The transaction reflects Apex's global growth, building on its recapitalization by Genstar Capital last year. The Group also recently announced the acquisition of both M.M.Warburg & CO's Asset Management and Servicing business in addition to private equity fund administrator, Ipes. Once both acquisitions have reached their final close, the Group's total AUA will reach circa $535 billion in assets, positioning it in the top five largest fund administrators globally. This recent stream of acquisitions will enable Apex to deliver a more robust suite of offerings and services to its extensive portfolio of clients across the globe.
Peter Hughes, Founder & Chief Executive Officer, Apex Fund Services, said:
"The close of this deal is an important milestone in Apex's evolution. We are now in a truly unique position to add genuine value to our clients as an independent provider with robust banking capabilities and services. Moving 300 people and a sophisticated technology offering is one of the most complicated undertakings there is. To have achieved this in such a short time is testimony to the hard work and skills of the integration teams on both sides. Using a separate team has meant that no clients have been impacted or lost between signing and closing, while at the same time significant new business has still been won and on-boarded. We now look to replicate this successful process with our other acquisitions as we maintain our growth momentum."