Apex says the deal will complement its 2019 acquisition of Luxembourg-based ManCo LRI.
It will also provide FundRock’s clients access to Apex Group’s international presence and new jurisdictions through its globally connected operating model across 45 offices.
Following the completion of the acquisition, Apex now has $1 trillion in combined assets across administration, custody, depositary and under management.
Peter Hughes, founder and CEO of Apex Group comments: “The FundRock business shares our commitment to exceptional levels of client service and is a highly complementary addition to the Apex Group. This strategic acquisition further strengthens our single-source model, grows our ManCo capabilities and expands our ability to support clients across all aspects of their business — no matter where they are in the world.”
Xavier Parain, head of FundRock adds: “We are pleased to join the Apex Group, whose international footprint, density of product and innovative solutions will help us better serve our clients. Our existing reputation for delivering leading ManCo solutions, combined with the Apex’s broad breadth of services and geographical presence, creates a powerful partnership and gives us further strength and support as we continue to expand and evolve our business.”
Macquarie Capital acted as financial advisor, and Kirkland & Ellis and Willkie Farr & Gallagher provided legal counsel to Apex and owners Genstar.
Meanwhile, Rothschild acted as financial advisor, and Arendt & Medernach provided legal counsel to FundRock.
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Image: Apex_Group 