Apex Group is adding another firm to its growing string of acquisitions, announcing that it plans to take over Amsterdam-based Darwin Depositary Services, a firm that provides depositary services to alternative investment funds in Europe. Financial details were not disclosed.
As the only independent AIFMD depositary in mainland Europe, Darwin provides services to a range of international clients, including hedge funds, real estate, debt and private equity funds as well as funds investing in infrastructure and renewable energy.
“The Netherlands continues to be one of the most attractive markets for fund managers to set-up and access EU markets; the addition of the Darwin business will enable us to further serve the growing demand for depositary services across our client base,” said Peter Hughes, Founder and CEO of Apex Group.
4.5 billion euro in AuD
Apex currently delivers depositary services through subsidiary European Depositary Bank, or EDB, in Luxembourg, Ireland, UK and Malta. In Luxembourg Apex also is present through LRI Invest and FundRock.
The addition of the Darwin business will add 4.5 billion euro in Assets under Depositary to the Apex Group, expanding the geographic scope of its independent depositary services.
Darwin’s management team will become part of the Apex Group’s global team, ensuring continuity of exceptional service levels for existing and future clients, the firm said.
“We are excited to be joining Apex Group to add further value to our clients through both now, and in the future,” said Peter van Schaik and Frank Hand, Managing Directors at Darwin Depositary Services, in a joint statement. Apex “shares our uncompromising focus on client experience and service levels, which when combined with their unparalleled global reach and product range presents a compelling solution for regulated funds.”
Apex Group already provides depositary services to a range of regulated fund types, underpinned by top-tier technology and workflow systems. The firm said that Darwin’s clients will benefit from “the simplicity and efficiency of a single relationship” with a global service partner across the full value chain of their business; including custody, digital banking, super ManCo and ESG Rating & Advisory solutions.
This is the latest in a series of industry-shaping global acquisitions for Apex Group, including the recently announced addition of Maitland’s fund services and ManCo business. Following completion of announced acquisitions, the Group will operate from over 80 offices in 40 countries worldwide, with 10,000 employees servicing $2.75 trillion in assets across administration, depositary, custody and under management.
Simmons and Simmons and Alvarez & Marsal served as legal counsel to Apex Group. JB Law acted as legal counsel to Darwin.
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