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.