Apex Group, a Bermuda-headquartered fund services provider with substantial operations in Luxembourg, has opened a new office in Stockholm from which it will service clients in the Nordics region. The firm also has announced it acquired the parent company of IIS and InvestNow in New Zealand.
Apex, present in Luxembourg also through LRI Invest and FundRock, said it expects to locally hire 65 new employees in Sweden. The Stockholm office will complement its existing presence in Scandinavia. Apex recently acquired Sanne Group Plc, which already had 35 staff in Sweden and an office in Denmark. Apex said it intends to establish management company and fund distribution services in Sweden through its subsidiary FundRock.
The latest expansion shows Apex’s non-organic growth steadily continues, thanks to financial backing by San Francisco-based Genstar Capital, which in 2017 became majority investor, and TA Associates. In June last year, Nasdaq-listed investment firm Carlyle Group and Abu Dhabi’s Mubadala Investment Company acquired a minority stake.
Amanda Ekman to head Stockholm office
Its Swedish office will be led by Amanda Ekman (photo), who brings more than 20 years of experience in the private markets. Ekman was previously chief financial officer at BrainHeart Capital and held various senior roles at Skandia’s Asset Management Private Equity, RP Ventures and Permian.
Apex’s founder and chief executive Peter Hughes said the Scandinavia region is “a strategically important market for our clients’ growth”.
“We see a huge opportunity,” Ekman said in a statement. “We look forward to welcoming new colleagues in Sweden who will deliver the group’s scalable single-source solution through our global reach, underpinned by a commitment to exceptional client service.”
IIS and InvestNow
The firm acquired in New Zealand, IHL, is the parent company of two brands in the national asset services market, IIS and InvestNow. Financial details were not disclosed. The acquisition adds 28 staff and brings the firm’s total staff here to over 200 employees. Apex earlier acquired MMC, another New Zealand investment firm.
Anthony Edmonds, founder and chief executive of the IIS Group, and Gareth Fleming, chief financial officer, will hold senior management roles in the combined business, Apex said.
“We are proud of the achievements and growth of the IIS and InvestNow businesses and are excited to be joining Apex Group to build on this success and offer a wider range of services to our clients,” Edmonds said. “Both our clients and employees will benefit from leveraging Apex Group’s global fund hosting and management company capabilities, enabling investment managers to offer their investment solutions in the thriving New Zealand market.”
Clare Capital served as financial advisors to Implemented Investment Holdings Limited, with DLA Piper providing legal advice. Bell Gully provided legal advice to Apex Group.
Apex Group operates from over 80 offices in 40 countries worldwide with more 10,000 employees servicing almost three trillion dollars in assets across administration, depositary, custody and under management.