Bermuda’s Apex Fund Services has agreed to acquire Equinoxe Alternative Investment Services, a fund administration services provider, for an undisclosed sum.
Apex currently offers back office, middle office, regulatory reporting and other administrative services to asset managers. The firm said that the latest acquisition will boost its middle office solutions and take its assets to around $80bn.
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By GlobalDataApex founder Peter Hughes will retain a significant equity stake in the merged entity and will spearhead it as CEO.
At the same time, Apex has also agreed to a recapitalisation deal with private equity firm Genstar Capital.
Apex said that it aims to become a top 5 global fund administrator within the next five years using Genstar’s “enhanced capabilities, global reach and capital support”.
The deals are slated to be completed in the third quarter of 2017, subject to regulatory approvals.
“The Equinoxe team has built a successful business, and its combination with Apex will provide a strong strategic and cultural fit. We are extremely pleased to partner with Genstar, a firm that shares our guiding principles for delivering quality service to clients. We also share an ongoing commitment to growing Apex, both organically and through acquisition. We look forward to partnering with Genstar to continue to build scale and enhance Apex’s ability to service clients across multiple jurisdictions,” Hughes said.
