Apex wins USD1bn client following UK approval to service authorised funds
WAY Fund Managers, the UK provider of fund hosting services to the wealth management sector, has selected Apex Fund Services to service all of its 47 funds with combined assets under management of over USD1bn.
Having received UK regulatory approvals, Apex is one of a few global fund administrators with the capability to provide services to UK managers with both UK authorised and offshore funds in the same location.
As part of a collaboration agreement, Apex and WAY Fund Services are to begin cross selling each other’s services. Apex will introduce clients to WAY Fund Managers’ platform and at the same time offer its Order Management System (OMS) and Portfolio Management System (PMS) technologies to WAY clients.
Peter Hughes (pictured), managing director, Apex Fund Services, says: “We are delighted to be working with WAY Fund Managers. Their decision to appoint Apex reflects our willingness to pledge significant resources to develop specialist systems and acquire both accounting and administration expertise to ensure our clients’ needs and requirements are always fully met.
“The Apex Total Fund Solutions model offers fund managers an alternative from paying too much for poor service levels and an opportunity to work with a trusted advisor that has a commitment to providing its clients with personalised products and services at realistic prices.”
Peter Hugh-Smith, chief executive, WAY Fund Managers, says: “After several years where the large administration companies had a stranglehold on the market, there are now a number of new and innovative administrators offering advanced, contemporary services into the marketplace.
“Apex is one of these firms and we look forward to benefiting from their personal and efficient team, as well as exploring opportunities to grow our businesses together.”
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