Apex Group, a global asset services specialist present in Luxembourg also with its FundRock and LRI Invest subsidiaries, on Tuesday said it has acquired a majority stake in FTS, a US-based tax services firm serving clients in the alternative investment and family office sectors, for an undisclosed amount.
FTS provides tax planning, tax compliance, and tax structuring for private equity funds and real estate funds in the alternative investment Industry. These business activities are increasingly underpinned by technology and provide seamless integration of fund partnership accounting into the partnership tax platforms, the Bermuda-based company said.
Apex said its “strategic acquisition” serves boosts its offering for clients in the US market and enhances its ability to offer a comprehensive and high-quality service to clients of all sizes, delivered by local market experts.
US headcount now above 600
The addition of the FTS business broadens Apex’s existing presence in the US through the addition of its offices in New York, Greenwich, Boston, Portland and Coral Springs and over 50 employees, increasing the group’s Americas headcount to over 600 people.
FTS’ clients will now benefit from the Group’s global, cross-jurisdictional reach and range of additional services including digital banking, global compliance solutions and ESG Ratings and Advisory; and accessing new markets through its globally connected operating model across 50 offices, supported by over 9,000 employees. Following the upcoming close of previously announced transactions, Apex will provide services to assets of 2,400 billion dollars.
“We are proud to have built a business, known for providing quality and technical expertise in the alternative investment and family office sectors. Apex shares our dedication to the highest standards of service, and as part of the wider group, we can better support our clients as they evolve and grow. We are excited to become part of Apex Group and for our clients to benefit from the density of products, technologies and cross-jurisdictional access now available to them,” said William McEnroe, Founder and CEO of FTS.
US ‘key strategic market’
This acquisition continues Apex’s growth momentum and follows its recent acquisition of Greenough Consulting Group, expanding its West Coast presence in the US.
“The US remains a key strategic market for Apex and FTS represents a complementary addition to our single source client offering,” said Peter Hughes, founder and CEO of Apex. “William and his team bring unrivalled knowledge of the tax requirements of structures in the alternative funds space, working effectively and efficiently to deliver results. Our clients will benefit from FTS’ integrated and inclusive approach to addressing client needs, as well as additional tax planning support.”
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