Bill Salus (pictured) has joined fund administrator Apex Fund Services as chief executive, taking over from Peter Hughes, who becomes chairman.
Salus was previously at BNY Mellon asset servicing, where he was a managing director and business executive. His appointment comes as Apex focuses on growing its 34 offices around the world, which include Ucits businesses in Ireland and Luxembourg.
Based in New York, Salus will focus mainly on the US market and lead the North American team.
Hughes founded Apex, which has $30 billion (€23 billion) of assets under administration, a decade ago. As chairman, he will focus on building Apex’s capital introductory service, which helps clients access investor capital. Apex offers a number of fund start-up platforms, including for Luxembourg specialised investment funds.
Hughes will also manage Apex’s largest clients as well as concentrate on the company’s growth strategy, including acquisitions and targeting large institutional funds.
Large bank-backed fund administrators have significantly increased their market share in Asia, which means their smaller, independent competitors need to reinvent themselves.
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