Apex Group adds to client offering with close of Mainspring acquisition
Apex Group Ltd. (“Apex Group” or the “Group”), a global financial services provider, announces today the successful close of the acquisition of Mainspring Fund Services Limited, following receipt of full regulatory approval from the UK’s Financial Conduct Authority (“FCA”).
The strategic acquisition of Mainspring adds 70 new employees and £10.5bn of assets under administration (“AuA”) to Apex Group in the UK. Mainspring provides outsourced fund administration services to small and medium-sized venture fund managers in the UK and the team’s specialist knowledge and experience in VC fund administration will complement Apex’s Group’s existing offering for this client type and further enable the provision of tailored services to meet the specific requirements of VC managers.
Further, Mainspring adds notable new custody and nominee administration services for private assets to Apex Group. Mainspring’s FCA-regulated custody and nominee administration service provides an innovative technology-driven way for investing into private assets. This can be particularly useful for investment and fund managers, wealth managers and family offices where there are large numbers of investors, using complex managed accounts.
Through this acquisition, Mainspring’s existing clients will now benefit from the efficiency of Apex Group’s single-source solution, including access to a broad range of services such as Digital Banking, ManCo and ESG Rating & Advisory solutions, and support by best-in-class technology platforms. As a global service partner, Apex Group offers its clients global perspective matched with local insight, with its single-source solution, delivered via 12,000 employees in 38 countries.
This is the latest in a series of successful acquisitions for Apex Group in the UK where it employs over 600 people, including the additions of Sanne Group, MJ Hudson and global fund administration software business, Pacific Fund Systems (PFS-PAXUS).
Peter Hughes, Founder and CEO of Apex Group, comments: “In our 20th year of business, we remain focused on expanding the depth and reach of our solutions for clients, through strong double digit organic growth and strategic acquisitions in key geographies. We are pleased to welcome the Mainspring team and their clients, who will benefit from the efficiencies and new growth possibilities created by our technology-enabled solutions delivered on a global scale by our expert local teams.”
Paddock Consultancy served as financial advisors to Mainspring, with Burges Salmon providing legal advice. Simmons and Simmons 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 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 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.
Mainspring was founded in 2010 to provide an outsourced administration service to small and medium-sized venture fund managers in the UK, where few viable service providers existed. Following demand from its clients that operated EIS and other tax-based funds, Mainspring became authorised by the FCA to act as a custodian in 2013.
Since then, Mainspring has built two administration businesses. The first, Mainspring Fund Services, focuses on fund administration for venture capital fund managers and it has become one of the leading administrators in this segment of the market and has since expanded into a number of key jurisdictions to service larger LP funds. The second is Mainspring Nominees Limited, a leading custody business for managers of private assets. Initially this service was directed at tax based funds, which required a custody and nominee managed account service, and Mainspring is now the largest provider in this market. This has evolved so that Mainspring now provides custody and nominee services to a wide set of investment and wealth managers investing in private assets.
Apex Group: Antonia Powell, Head of Media Relations | Antonia.email@example.com