HAMILTON, Bermuda and
SAN FRANCISCO, Oct. 19, 2017 /PRNewswire/ -- Apex Group
Ltd. and Genstar Capital today jointly announced the acquisition of
the Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) Alternative Fund
Services ("AFS") business.
The latest joint announcement from the firms reveals the rapid
expansion of Apex since the company was recapitalized with Genstar
and simultaneously acquired Equinoxe Alternative Investment
Services. The purchase of the AFS business is the most recent
significant step in Apex's movement towards its stated goal of
being a top five global fund services business.
The transaction will add $170
billion in AUA, propelling Apex to become the eighth largest
administrator in the world and the largest independent
administrator. Apex's global reach and connected operating model
opens up an additional 18 investment jurisdictions to AFS clients,
with local expertise available through the Apex network of offices.
The combination of AFS and Apex will also enable a broader range of
products and services to be offered to clients. Apex's local
service delivery model, coupled with AFS' management, staff and
platform, will ensure client service continues at the highest
level. It is this service model and the global network of offices
that has enabled Apex to achieve one of the fastest organic growth
rates in the sector. Terms of the agreement are not being
disclosed. The transaction is expected to close in the second
quarter 2018.
"This is another significant step in the evolution of the Apex
Group. This transaction complements the existing Apex business and
further strengthens our position as the leading independent
provider of fund services globally," stated Peter Hughes, Founder and CEO at Apex. "This
acquisition is consistent with Apex's ongoing commitment to
continued strategic investments and to developing our product
offering to become the most complete partner in the sector."
"The Apex team is working closely with Deutsche Bank to ensure a
seamless transition and we are committed to providing our new
customers with the same high level of service our current Apex
customers have come to expect and delivering additional and
tailored services to the AFS clients. Apex's philosophy for
delivering tailored and client-centric service on a local level
remains the same. We are delighted to welcome the AFS management
and staff to Apex and look forward to continuing to develop our
global team as we step closer to our target of becoming one of the
world's top five largest fund administrators," adds Hughes.
Tony Salewski, Managing Director
of Genstar Capital, said "We are excited to continue supporting
Apex's growth trajectory through the acquisition of this
high-quality business. AFS expands Apex's sophisticated
private equity and real estate servicing offering, and adds
complementary banking products to Apex's global client base. The
combination yields benefits to the clients of both Apex and
AFS."
"A key goal with this transaction was to find a partner that
will continue to deliver high quality services to our Alternative
Fund Services clients. We feel we have achieved our objective with
Apex, with whom Deutsche Bank is looking forward to working closely
over the coming months," commented Satvinder Singh, Global Head of Securities
Services at Deutsche Bank.
Macquarie Capital acted as exclusive financial advisor and
Willkie Farr & Gallagher
provided legal counsel to Genstar and Apex. Deutsche Bank acted as
financial advisor and Freshfields, Bruckhaus Deringer provided
legal counsel to Deutsche Bank.
About Apex Fund Services
Apex Fund Services, established in Bermuda in 2003, is one of the world's largest
independent fund administration and middle office solutions
providers with offices in 35 locations worldwide. Apex has
continually improved and evolved its product suite by surrounding
these core administrative services with additional products
spanning the full value chain from information delivery and
regulatory products to a full middle office solution and fund
listings database. Apex now administers the investments of some of
the largest funds and institutional investors in the world.
www.apexfundservices.com
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity
firm that has been actively investing in high quality companies for
nearly 30 years. Based in San
Francisco, Genstar works in partnership with its management
teams and its network of strategic advisors to transform its
portfolio companies into industry-leading businesses. Genstar
manages funds with total capital commitments of approximately
$9 billion and targets investments
focused on targeted segments of the financial services, software,
industrial technology, and healthcare industries. Genstar's current
and previous investments in financial and business services
companies include Ascensus, Strategic Insight, Institutional
Shareholder Services, Mercer Advisors, AssetMark and Altegris.
About Deutsche Bank Alternative Fund Services
Deutsche Bank Alternative Fund Services which was established
almost 10 years ago is one of the largest bank owned administrators
in the world providing administration services to hedge funds,
private equity and real estate funds, depositary and fund of funds
custody. Their offices span 9 locations in 8 jurisdictions
worldwide. The assets under administration are currently circa
$170bn serviced by approximately 300
people.
Contacts:
For Genstar: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
For Apex: Rosie Guest
Global Marketing Director
rosie@apexfunds.co.uk | +44 (0) 7770 858 280
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SOURCE Apex Fund Services