Apex Group Ltd continues to add management companies to its group through acquisitions. On Wednesday it said it plans to acquire the fund services and third-party management company business operations of Maitland International Holdings plc, an international fund services provider with a presence in Luxembourg, for an undisclosed amount. The transaction is subject to regulatory approval.
Founded in 1976, Maitland provides an extensive range of fund services including administration, transfer agency and management company services to 120 investment managers and 25 fund sponsor clients. This client base includes traditional, alternative and mutual funds across all fund types, strategies and investment styles.
Apex, which already is present in Luxembourg also through its Fundrock and LRI invest services companies, said its “strategic acquisition” of Maitland’s business adds 200 billion in assets under administration and 17 billion dollars in assets under management. Apex was established in Bermuda in 2003 as a global financial services provider. Its Fundrock unit in Luxembourg is the largest third-party management company in the Grand Duchy.
Adding 475 employees
Maitland’s 475 employees will join the group, expanding Apex’s existing presence in the UK, Guernsey, Luxembourg and South Africa.
The addition of Maitland will complement Apex’s existing geographic reach, fund administration offering and management company services, delivered under the FundRock and LRI brands. Maitland’s clients will now benefit from Apex’s single-source solution, including services such as global compliance solutions, ESG rating, reporting & advisory and digital banking.
“We have followed the long track record of the Maitland business for some time and are excited by the opportunity to add greater product depth and geographic reach to our business,” said Peter Hughes, founder and CEO of Apex Group, in a statement. “By becoming part of Apex Group, Maitland’s clients and employees will benefit from access to the group’s scalable single-source solution underpinned by leading technologies, and services delivered through our global reach and connectivity.”
Apex in recent months has announced a series of acquisitions and partnerships in the asset services field, including in India, Australia, in the United States and most recently in New Zealand, where Apex added MMC Group, New Zealand’s leading provider of investment administration services.
80 offices in 40 countries
Following completion of announced acquisitions, Apex said it will operate from over 80 offices in 40 countries worldwide, with 9,000 employees servicing an expected 2,500 billion in assets across administration, depositary, custody and under management. For comparison, that is almost half of the 5,600 billion in total assets under management in Luxembourg.
Maitland CEO Steven Georgala said the transaction “is testimony to the fact that the Maitland management team and employees have, over many years, with great dedication, and support from our loyal client base, built a world class service provider to the international investment fund community.”
Apex said Macquarie acted as financial advisor and Kirkland & Ellis served as legal counsel to Apex Group. Nomura served as financial advisor and McDermott. Will & Emery acted as legal counsel to Maitland.
Related articles on Investment Officer Luxembourg: