Apex Group, a specialist fund administrator, is to acquire FundRock, one of the largest outsourced ‘ManCo’ providers to Ucits funds in Luxembourg.
Apex said the deal would strengthen its own ManCo – or management company – business and take its serviced assets to nearly $1 trillion (€850 billion).
The cost of the transaction was not disclosed.
A third-party ManCo provides a regulatory and compliance outsourced infrastructure for fund managers.
In 2019 Apex acquired Luxembourg-based ManCo LRI, adding 150 employees.
Apex Group chief executive Peter Hughes said: “The FundRock business adds weight to our ManCo capabilities and further strengthens our single-source model, enhancing our ability to support clients across all aspects of their business no matter where they are in the world.”
FundRock chief executive, Xavier Parain, added: “This transaction will enable us to draw on Apex’s international network, density of product and innovative solutions, such as its ESG ratings and advisery and digital banking, to support sustainable growth for our clients in a highly competitive market.”
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