Apex Group on Monday said it plans to acquire the Irish depositary business of Bank of America Custodial Services (Ireland) Limited, also known as Bacsil, through European Depositary Bank, one of its Luxembourg-based subsidiaries.
Bacsil is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of Ucits, alternative investment funds and offshore depo-lite fund structures, across a wide range of strategies. Based in Dublin, the Bacsil business provides depositary services to client assets of 71.4 billion dollars.
Local delivery
“The addition of Bacsil continues our strategic priority of strengthening the local delivery of our independent depositary services in Europe,” said Peter Hughes, Apex’s CEO, in a statement.
This is the latest in a series of strategic global acquisitions for Apex Group to broaden the geographical scope of depositary services in the European market with the addition of Darwin Depositary Services in the Netherlands.
Transaction close is subject to customary conditions, including regulatory approvals expected to be granted in 2023. Terms of the transaction are undisclosed.
Kirkland & Ellis LLP and Arthur Cox LLP served as legal counsel to Apex Group, Macquarie Capital acted as financial advisor.