Apex Group reaches nearly USD1tn in serviced assets following planned acquisition of FundRock
Apex Group, a global financial services provider, has acquired FundRock Management Company SA and FundRock Partners Ltd (FundRock).
This latest deal reinforces Apex’s ability to deliver services on a global basis and complements the Group’s 2019 acquisition of Luxembourg-based ManCo LRI, adding 150 employees across Luxembourg, London, Dublin, Limerick, Paris and Singapore. Upon completion of the transaction, Apex will reach close to USD1 trillion in combined assets across administration, custody, depositary and under management, further solidifying its global position as one of the world’s largest financial service providers.
FundRock has a robust track-record dating back to 1935 and is the largest third-party manager of UCITS funds in Luxembourg. FundRock’s addition to the Apex Group will not only strengthen its ManCo offering, but emphasises the Group’s single-source commitment to providing the broadest range of solutions in the industry.
Apex has a long-established presence in the European regulated market and in addition to an extensive range of locally delivered solutions across banking, depositary, custody, fund administration and corporate solutions, FundRock’s clients can now benefit from the Group’s international presence; accessing new markets through its globally connected operating model across 45 offices, supported by c4,000 employees.
Peter Hughes, Founder and CEO of Apex Group, says: “We are committed to continually enhancing our service model and enriching our client experience. 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.”
Xavier Parain, CEO of FundRock, adds: “We are excited to become part of the Apex Group, one of the strongest providers in the industry that, crucially, shares our commitment delivering to the highest levels of client service. This transaction will enable us to draw on Apex’s international network, density of product and innovative solutions, such as its ESG Ratings and Advisory and digital banking, to support sustainable growth for our clients in a highly competitive market.”
Sid Ramakrishnan, Principal of Genstar Capital and a member of Apex Group’s Board of Directors, adds: “FundRock is a highly strategic and complementary addition to the Apex Group, which has developed into a unique and differentiated platform delivering the broadest range of end-to-end services while maintaining the highest standards of client satisfaction among its marquee client base of private equity funds, asset managers, corporates and family offices worldwide.“
Eric May, Co-founder of BlackFin Capital Partners, adds: “we are thrilled to see FundRock becoming part of the Apex Group. Over the last 5 years FundRock, originally RBS branch in Luxembourg, became the obvious ManCo leading player in Luxembourg, more than quadrupled in size through organic and inorganic growth, and successfully developed its Luxembourg, UK and Ireland footprint. Being part of a larger group will allow FundRock to pursue its expansion.”
Apex is a portfolio company of Genstar Capital. Terms of the transaction have nor been disclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be complete in Q1 2021.
Macquarie Capital acted as financial advisor, while Kirkland & Ellis and Willkie Farr & Gallagher provided legal counsel to Apex and Genstar. Rothschild & Co acted as financial advisor and Arendt & Medernach SA provided legal counsel to FundRock.