Apex Group expands ManCo capabilities with Guernsey acquisition
Apex Group Ltd. (“Apex Group” or “The Group”), a global financial services provider, today announces its agreement to acquire IP Fund Managers Guernsey Ltd (“IPFMG”), a Guernsey investment management company (“ManCo”).
IPFMG is an established ManCo, which has operated unit trust funds in Guernsey for more than fifteen years. The IPFMG management team has extensive experience in collective investment scheme management, in multiple jurisdictions.
The acquisition of IPFMG further strengthens Apex Group’s ManCo offering in the Guernsey market, adding assets under administration of $200m, across eight funds and six fund managers. As part of Apex Group, IPFMG’s clients will benefit from the simplicity and efficiency of a single relationship with a global service partner across the full value chain of their business; including additional digital banking, depositary and custody solutions.
Apex Group’s existing ManCo services, delivered under the FundRock brands, enable more than 1,200 funds with a total of €234 billion in assets under management in 12 countries including Guernsey, Luxembourg and Ireland, to streamline their operations in a cost-effective manner.
FundRock’s existing Guernsey business offers fund management services including AIFMD and UCITS solutions for advisors and boards, together with principal management, risk management and support services for fund managers seeking to market funds on a cross-border basis. With a strong track record, FundRock Guernsey currently acts as manager to a number of funds with over $8bn under management.
This is the latest in a series of strategic global acquisitions for Apex Group to further grow its ManCo offering, including the recently announced additions of the ManCo businesses of MJ Hudson in Luxembourg and Ireland, Boutique Collective Investments in South Africa and Maitland in Luxembourg.
Peter Hughes, Founder and CEO of Apex Group comments: “With significant substance and technology capabilities, Apex Group offers the right platform for IPFMG to continue supporting clients by delivering resource and cost efficiencies and to meet their resourcing requirements in a complex regulatory environment. With the addition of the IPFMG ManCo business in Guernsey, we are proud to further consolidate our position as one of the largest super ManCo providers in Europe, offering scalable, cross-border solutions to clients.”
Brett Paton, Director, IP Fund Managers Guernsey adds: “As part of Apex Group and FundRock, our clients will be able to further streamline their operations in a cost-effective manner with third-party ManCo services complemented with fund distribution and administration, middle office, banking, depositary and custody services all available under one roof.”
The planned acquisition of IPMG is subject to regulatory approval and customary closing conditions, expected later in 2023. Financial terms of the transaction are not disclosed.
Grant Thornton acted as financial advisor to Apex Group, with Walkers providing legal counsel.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 94 offices worldwide and 12,000+ employees in 38 countries, Apex Group delivers an expansive range of services to asset managers, financial institutions, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund services, digital onboarding and bank accounts, depositary, custody, super ManCo and fund raising services, corporate services including HR and Payroll and a pioneering ESG Ratings and Advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the Environment and Climate Change, Women’s Empowerment and Economic Independence, Education and Social Mobility.
About IP Fund Managers Guernsey Ltd
IP Fund Management Guernsey Limited (“IPFMG”) is a collaboration between established financial services businesses, which have operated unit trust funds in their own right for more than fifteen years. These businesses compete and promote their products independently, but co-exist in a synergistic relationship within IPFMG, creating a business with depth of resources and diversification of assets under administration.
The IPFMG management team has extensive experience in collective investment scheme administration across multiple jurisdictions.