Apex Group Announces Final Close of Fundrock Acquisition
Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, today announces the final close of the acquisition of FundRock Management Company SA and FundRock Partners Ltd (“FundRock”), following full regulatory approvals. The FundRock brand will be retained, and will operated as a subsidiary of parent, Apex Group
FundRock’s clients will now benefit from Apex’s long-established presence as well as the broader Group’s single-source solution capabilities; across fund solutions, middle office, ManCo services, digital banking, corporate solutions and ESG ratings and advisory services. This acquisition also provides access to the Group’s international presence and new jurisdictions through its globally connected operating model across 45 offices, supported by 4,000 employees.
Apex Group’s acquisition of FundRock not only strengthens its ManCo offering, but reinforces the Group’s single-source commitment to providing the broadest range of solutions in the industry. The deal enhances Apex’s ability to deliver award-winning services on a global basis and complements the Group’s 2019 acquisition of Luxembourg-based ManCo LRI.
Following completion of this acquisition, Apex now has $1 trillion in combined assets across administration, custody, depositary and under management, further solidifying its global position as one of the world’s largest financial service providers.
Peter Hughes, Founder and CEO of Apex Group comments: “We are pleased to announce the close of this acquisition which will allow us to enhance our service model and enrich our client experience. The FundRock business shares our commitment to exceptional levels of client service and is a highly complementary addition to the Apex Group. This strategic acquisition further strengthens our single-source model, grows our ManCo capabilities and expands our ability to support clients across all aspects of their business - no matter where they are in the world.”
Xavier Parain, Head of FundRock adds: “We are pleased to join the Apex Group, whose international footprint, density of product and innovative solutions will help us better serve our clients. Our existing reputation for delivering leading ManCo solutions, combined with the Apex’s broad breadth of services and geographical presence, creates a powerful partnership and gives us further strength and support as we continue to expand and evolve our business.”
Macquarie Capital acted as financial advisor, while Kirkland & Ellis and Willkie Farr & Gallagher provided legal counsel to Apex and owners Genstar. Rothschild & Co acted as financial advisor, and Arendt & Medernach SA provided legal counsel to FundRock.
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 FundRock Group
FundRock is a leading independent UCITS Management Company and Alternative Investment Fund Manager (AIFM), offering management, risk and distribution solutions for French, Irish, Luxembourg, Swedish and UK based funds. From their offices in France, Ireland, Luxembourg, Singapore and the United Kingdom FundRock overseas more than $100bn of third-party assets for more than 90 established blue-chip companies and asset owners.
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