Apex

The latest CSSF data reveals a decline in new registrations of Luxembourg alternative investment funds since the first quarter of this year. However, reserved alternative investment funds continue to demonstrate resilience, driven by recent legislative updates and steady demand.

Global financial services provider Apex Group on Monday announced the initiation of its business operations in South Korea. The move aims to offer extensive solutions to global asset management clients and solidifies the  firm’s presence in the Asia-Pacific region.

This Luxembourg edition of IO Talks is about developments in the realm of management companies, popularly referred to as “ManCos”, in Luxembourg. Mancos are an key component of the asset services ecosystem in the grand duchy.

Financial services provider Apex Group on Monday said it has appointed Tony Alfonso as global head of valuation, a newly created role that will be in charge of valuation advisory services.

Financial service provider Apex Group on Thursday said it has been appointed by NewVest to provide administration services for the firm’s inaugural Private Equity 50 Index Fund, also known as PE 50, which is backed up by a blockchain. 

Teodora Croitoru has joined Crestbridge as head of compliance, fund services, while Emmanuelle Poret has taken on the role of head of client onboarding, fund services & ManCo.

Luxembourg alternative investment fund manager FundRock, part of the Apex Group, has been given a fine of 45,800 euro by Luxembourg’s financial regulator CSSF because the firm did not properly apply the rules relating to benchmarks.

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.

European Depositary Bank, part of the Apex group, has appointed managing directors Jean-François Thils, and Robert Steele (photo) as members of the executive management board.

David Rhydderch steps down from the EDB board and has been appointed as global head of financial products and managing director, Emea for the wider Apex Group.

Apex Group plans to hire more than 500 new fund services experts in Johannesburg this year in order to better service its growing global client base. Asked if this hiring plan was related to the much-discussed industry challenge of attracting new staff in Luxembourg, an Apex spokesperson said South Africa was seen as an “onshore” hiring opportunity following the acquisitions of Sanne and Maitland in 2022.