Apex Group acquires Link’s CPCS and Throgmorton
Apex Group (Apex) and Genstar Capital (Genstar) have acquired the Corporate and Private Client Services (CPCS) and Throgmorton businesses of Link Group’s Asset Services division.
The acquisition increases Apex’s global assets under administration (AUA) to nearly USD600 billion.
The acquisition substantially bolsters Apex’s corporate services capabilities adding specialist hubs in the UK, Jersey, Ireland, Luxembourg, the Netherlands, Hungary and Switzerland. In addition, the businesses have an established and robust service infrastructure, administering and safeguarding assets across seven highly-regulated European jurisdictions. Combined, the Apex Group’s service offering now spans fund administration, banking and depositary solutions, a comprehensive middle office offering and a leading corporate services solution.
The acquisition adds 660 employees and over 6,000 clients to the Apex Group. CPCS’s well-established corporate services framework and Throgmorton’s cross-disciplinary team not only adds to Apex’s expanding set of solutions as a leading hedge and private equity fund administrator, but also further enhances its offering in the wider financial services market to deliver a full global outsourcing solution.
As a result of both organic investment as well as scale and capabilities enhanced by recent acquisitions, the combined Group now has an unrivalled suite of market-specific services on a local, regional, and global scale.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to be completed Q3 2019.
Peter Hughes (pictured), Founder & Chief Executive Officer, Apex Group Ltd, says: “The acquisition of the CPCS business and Throgmorton is an exciting milestone for the Apex Group. The addition of these entities signifies an inflection point for the business, moving us from one of the world’s largest fund administrators to the wider financial services market as a global provider delivering end-to-end solutions to funds, corporations and private clients. Both the CPCS and Throgmorton teams are comprised of extremely well respected and experienced personnel that will complement our expertise across other service capabilities to complete our global financial services offering.”
Anthony O’Keeffe, CEO of Link Asset Services, says: “We sell our CPCS business to the Apex Group in excellent shape. With the trust and corporate services market undergoing change, we believe Apex has the right focus, growth trajectory and ambition to support management and fully unlock CPCS’ potential.”
Sid Ramakrishnan, Vice President of Genstar Capital, says: "We are excited to continue supporting Apex in driving growth organically and through strategic acquisitions of high-quality businesses like CPCS. Both CPCS and Apex clients will greatly benefit from the combination of these two leading and complementary businesses."
Macquarie Capital served as financial advisor and Willkie Farr & Gallagher LLP provided legal counsel to Genstar and Apex.