Apex expands LatAm presence with acquisition of Banco Modal’s fund admin business
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Apex expands LatAm presence with acquisition of Banco Modal’s fund admin business 28 October 2020Brazil Reporter: Becky Bellamy
Image: Apex Group
Apex Group is set to acquire Banco Modal’s alternative fund administration (MAF) business in Brazil.
The MAF business will add around $12 billion in assets under administration and custody, across clients representing institutional funds for both international and Brazilian asset managers.
The acquisition will see MAF add 75 employees to Apex, increasing its overall Americas headcount to over 400 people, and expanding its existing presence in Latin America through offices in Rio de Janeiro and Sao Paulo.
As part of the transaction, Banco Modal and Apex plan to enter into a strategic partnership agreement to further collaborate on the provision of depositary and banking services to Brazilian clients, as well as focus on continued growth in the Latin America market.
Peter Hughes, founder and CEO of Apex Group, commented: “There is a significant opportunity in the Latin America market and we have been looking for the right business in Brazil to complement our global service model. MAF is well established in the Brazil fund administration market and is a strong addition to our business, expanding the reach of our single-source model across the Americas and also giving our existing clients direct access to the Brazil market.”
Eduardo Centola, co-CEO of Banco Modal added: “Our clients will now have the opportunity to access the group’s international network and extensive range of products, and we are particularly excited about the value Apex’s pioneering environmental, social, and corporate governance ratings and advisory service will bring.”
Financial terms of the transaction were not disclosed.
Completion of the transaction is subject to the execution by the parties of a definitive agreement containing customary terms and conditions and regulatory approvals, including approval of the Brazilian Central Bank.
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Image: Apex Group 