Apex Group to acquire GFin Corporate Services
Global, December 23, 2020 — Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, announced today the planned acquisition of GFin Corporate Services Ltd. (“GFin”). GFin is a Mauritius based and licensed management company, providing fund administration services to institutional clients.
GFin provides a range of services such as company, trust and fund formation, corporate and trust administration, fund administration, corporate structuring, tax compliance, accounting and tax services, NAV calculation, directorship, company secretarial and share registry.
The acquisition of GFin complements Apex’s long-established presence in Mauritius, providing an extensive range of locally delivered solutions across fund administration and corporate solutions. Founded in 2006, Apex Mauritius provides an efficient and flexible approach to fund services, tailoring its support to meet the specific requirements of over 200 clients.
Following the acquisition, GFin’s clients will benefit from the Group’s international presence; accessing new markets through its globally connected operating model across 45 offices, supported by 4,000 employees.
Since launch in 2010, GFin has demonstrated a robust business model, driving strong organic growth, with total aggregate assets under administration of $18 billion. The acquisition of GFin will add 130 qualified professionals with a focus on funds and cross-border investment servicing to the Apex Group. GFin has a strong management team who will, following the acquisition, maintain leadership roles within Apex Mauritius and globally. When paired with the existing senior management team of Apex, this will uniquely position the firm as the leading fund administrator in the region.
This news follows Apex’s recent acquisitions of transfer agency IASL, the largest third-party management company in Luxembourg, FundRock, Banco Modal’s Brazilian fund administration business and compliance and risk advisory consultancy, Praesidium.
Peter Hughes, Founder and CEO of Apex Group comments: “The acquisition of GFin further strengthens Apex’s presence in Mauritius, a growing regional hub for investors looking to access both Asian and African markets. GFin has grown to become one of the leading administrators in Mauritius and will add depth to the services and products on offer to our clients.”
Chandra K. Gujadhur, Chairman and Co-Founder, Mauritius at Apex Group notes: “Tej and Santosh have built a strong business, the acquisition of which complements Apex’s existing established presence in Mauritius. Apex’s institutional operating model, coupled with GFin’s extensive local experience will ensure client service continues at the highest level, delivered by a combined team. We look forward to working with Tej and Santosh as they join our existing leadership team.”
Tej Gujadhur and Santosh Gujadhur, Co-CEOs and Co-Founders of GFin add: “We are excited to become part of the Apex Group, one of the largest and fastest growing independent providers in the industry. Our clients will benefit from Apex’s model, which combines dedicated local expertise combined with fully integrated technology, resulting in a fast and efficient service in all areas of the global fund administration business and we will be able leverage our global reach across 21 jurisdictions. We are confident that this transaction will enable us to better serve both new and existing clients by drawing on Apex’s global network, density of product and innovative solutions. We remain, in our new roles, deeply committed to the ongoing business, our clients and our team members both old and new.”
Apex is a portfolio company of Genstar Capital. Terms of the transaction are undisclosed. The transaction is subject to customary closing conditions, including regulatory approval from the Financial Services Commission and is expected to be complete in Q1 2021.
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 45 offices worldwide and 4,000 employees, Apex delivers an extensive range of services to asset managers, capital markets and family office. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of products in the industry; including fund services, digital onboarding and bank accounts, depositary, custody and super ManCo services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
About GFin Corporate Services
Founded in 2011 and licensed by the Financial Services Commission of the Republic of Mauritius, GFin is a Mauritius advisory and administration firm providing seamless legal, tax, fiduciary, investment and fund administration services to private, corporate and institutional clients. GFin specializes in complex, cross-border investment structuring and .services private equity funds, hedge funds, corporates, and also provides a range of services such as company, trust and fund formation, corporate and trust administration, fund administration, corporate structuring, tax compliance, accounting and tax services, net asset value calculation, directorship, company secretarial and share registry, amongst others.
Rosie Guest, Global Head of Marketing & Communications, Apex Group
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