Apex Group expands North America presence with Prometa acquisition
Apex Group Ltd. (“Apex Group” or the “Group”), a global financial services provider, announces today the acquisition of Prometa Fund Support Services Inc. (“Prometa”), a Canada based provider of fund services.
Prometa delivers fund services to clients in Canada, the United States, and Bermuda, including Hedge Funds, LSVCCs and Mortgage Investment Corporations. Prometa administers over $28 billion in assets for approximately 50 fund companies representing more than 180 funds and approximately 225,000 individual investors.
Growth of Canada’s asset management industry outpaced both the U.S. and the global industry in 2021, with assets under management rising 14% during the year to US$3.6 trillion. The acquisition of Prometa will strengthen Apex Group’s presence in the geography, adding 16 employees based in Winnipeg, Canada supplementing the Group’s existing offices in Toronto, Ontario and increasing its overall Americas headcount to over 1,000 people. In addition to the acquisition of Prometa, Apex Group will continue to target organic growth in Canada, expecting to employ 200 people by the end of 2022.
Through this acquisition, Prometa’s clients will benefit from Apex Group’s global reach, access to a network of local experts and a wide range of services including Digital Banking and ESG Ratings & Advisory. Apex Group’s services are provided through a single relationship, offering efficient, scalable solutions and enabling clients to grow and expand into new jurisdictions.
This announcement follows the recent close of the acquisition of Sanne, with Apex Group now providing services to almost $3 trillion of assets, delivered via 10,000 employees from over 80 offices in more than 40 markets.
Peter Hughes, Founder and CEO of Apex Group, comments: “The addition of Prometa to Apex Group further strengthens our service offering for clients in North America in the alternative asset management space. As Canada’s asset management industry continues to see impressive growth, this acquisition bolsters our ability to deliver our single-source solution locally and to be the best possible partner for our clients in this market.”
George Asprey, President and CEO, and Mike Kalic, Vice President and COO of Prometa add: “We are confident that Apex Group provides the best possible home for Prometa and our clients, offering them unrivalled access to new services, geographies and opportunities. The Apex Group team share our commitment to delivering exceptional client experience with innovative services, underpinned by a flexible and scalable technology infrastructure. We look forward to the opportunities that Apex Group’s single-source solution, offered globally and delivered locally, will provide for our clients.”
MNP Corporate Finance served as financial advisors to Prometa, with Fillmore Riley LLP providing legal advice. Stikeman Elliott LLP acted as legal advisors to Apex Group on the transaction.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices in 40 countries worldwide and more than 10,000 employees upon the close of announced acquisitions, 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 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 Prometa Fund Support Services Inc.
Prometa Fund Support Services Inc. is a Canadian owned back office service provider, administering $28 billion in assets for 180+ funds and over 225,000 investors including LSVCC, Hedge Funds, and Mortgage Investment Corporations (MICs). With significant industry experience, our staff is well positioned to provide your company with the quality, accuracy and commitment you demand. We are knowledgeable about all aspects of the Investment Fund industry.
Prometa is a full service fund support provider and we are 100% Fundserv compliant. With our unique online sales reports, we provide tools for our clients that assist them in making their fund a success. Whether your fund is a start-up or is looking to switch providers, our flexibility allows us to administer back office services to funds of all sizes.
Apex Group: Antonia Powell, Head of Media Relations | Antonia.firstname.lastname@example.org