Apex Group appointed by Canadian Music Royalty Fund
05 May 2021
Apex Group Ltd. (“Apex”), a global financial services provider, announced that it has been appointed by Barometer Capital Management Inc. (“Barometer Capital”), an independently owned Toronto investment firm that manages more than $1 billion in assets, to provide administration services to the Barometer Global Music Royalty Fund LP (the “Fund”).
Barometer Capital has partnered with the Kilometre Music Group Inc. (“Kilometre”), a music rights management company, to launch the Fund, a limited partnership with a targeted size of USD $200 million that will invest in a diversified portfolio of music copyrights. The Fund will seek to generate income and capital gains by acquiring catalogs of high quality, globally successful, enduring music copyrights and royalty streams with a focus on Canadian creators.
Apex has been mandated by Barometer Capital to provide fund administration and transfer agency services to the Fund. Apex’s model, underpinned by market leading technology platforms allows Apex to provide middle and back office services to support pioneering and highly successful new structures. This appointment is yet further evidence of Apex’s commitment to providing an adaptable single source solution for the most innovative funds operating at the leading edge of the financial services ecosystem.
John Bohan, Co-founder and Country Head Business Development (Ireland) at Apex Group comments: “Music royalties are undoubtedly considered one of the most attractive and fast growing alternative assets for 2021 as investors seek non-equity correlated returns during ongoing market volatility. By providing robust and reliable fund administration and transfer agency services, we will support Barometer Global Music Royalty Fund LP throughout its lifecycle, allowing Kilometre’s impressive management team to focus on securing a high-quality pipeline of proprietary opportunities and ultimately to generate predictable, stable cash flow to its investors.”
Greg Guichon, Chairman at Barometer Capital adds: “Recorded music is currently generating double digit revenue growth, with streaming expected to drive a twofold increase in total music royalty revenues over the next decade. By outsourcing fund administration and transfer agency requirements to a reliable third party, we are able to focus on the job at hand. We are delighted to be working with Apex and have been impressed by their international expertise, adaptability and flexible approach to structuring solutions to meet the specific requirements of our fund.”
Michael McCarty, Co-Founder at Kilometre further comments: “For over five decades Canadian artists, songwriters, producers and beat makers have been “punching above their weight” in generating music that has resonated in markets around the world. A portfolio of these songs, and their rights, would be the envy of any music rights company in the world, and a great investment. We look forward to working with Apex who will play an important role in enabling Barometer Global Music Royalty Fund LP to successfully acquire a significant portion of these globally successful and enduring music copyrights.”
About Apex Group Ltd.
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, private clients and family offices. Apex 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, corporate services and capital markets services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
About Barometer Capital Management Inc.
Based in Toronto, Barometer Capital Management Inc. was established by its founding partners in 2006 — the partners had already been working together since 2001. Prior to founding Barometer, the partners had already established careers in helping families to manage their wealth. The company was formed to provide a unique platform in response to what the partners viewed as an increasingly institutionalized approach to portfolio management.
Barometer Capital is comprised of a team of more than 50 individuals covering investor relations, portfolio management, research, compliance, risk management and more.
Press contact:
Antonia Powell Antonia.powell@apexfs.com
