Apex Group (Apex) has completed its acquisition of Modal Group’s Brazil-based alternative fund administration business (MAF).
Apex will gain more than 110 employees, and approximately US$16 billion in assets under administration and custody through the mandate. This figure consists of clients representing institutional funds of international and domestic asset managers and institutional international investors.
MAF’s Rio de Janeiro and São Paulo offices will expand Apex’s presence in South America, joining the group’s existing Uruguay office. The South America division will be led by Ricardo Lima Soares as regional manager director. Soares has over 40 years of experience in the industry.
Commenting on the acquisition, Peter Hughes, founder and CEO of Apex, says: “Modal Group’s leading alternative fund administration business will enable us to be the best possible partner of our clients in every location and stage of their lifecycle. ”
Soares adds: “The addition of MAF to the Apex Group brings a valuable service offering to the local alternative funds sector, meeting clients’ fund, corporate, and banking service requirements via a global relationship. The global Apex Group structure will also allow MAF to expand its service offering in Brazil to liquid traditional funds, not only covering the standard offer, but also leveraging Apex Group’s global platforms to combine onshore funds in Brazil with offshore funds solutions.”
