← Back to Insights

Apex Group closes acquisition of Brazilian fund administration business

01 September 2022

Apex Group Ltd. (“Apex Group” or the “Group”), a global financial services provider, announces today the close of the acquisition of Modal Group’s alternative fund administration business in Brazil (“MAF DTVM” or “MAF”), having received full regulatory authorization from the Brazilian Central Bank.

The MAF business adds approximately BRL80 billion (c.US$16 billion) in assets under administration and custody, across clients representing institutional funds (FIPs, FIDCs and FIIs) of both international and domestic asset managers and institutional international investors.

MAF’s institutional clients in Brazil will now benefit from access to Apex Group’s single-source solution, including services such as Fund Distribution, Global Compliance Solutions and ESG Rating and Reporting & Advisory, delivered by 10,000 employees via a network of over 80 offices worldwide.

MAF adds over 110 employees to Apex Group, increasing its overall Americas headcount to approximately 1,000 people, and broadening its existing presence in Latin America through new offices in Rio de Janeiro and São Paulo, in addition to the Group’s Uruguay office, established in 2013.

Apex Group’s Latin America business will be led by Ricardo Lima Soares, Head of MAF who brings over 40 years of experience in the financial and capital markets, having worked for institutions such as JPMorgan, Chase Bank and Itaú Unibanco, Ricardo is well placed to lead the Group’s Latin American operations.

This is the latest in over 30 strategic global acquisitions for the Group including the recent additions of Sanne,  MMC Group, Mainstream Group and the announced acquisition of Maitland, positioning Apex Group as a global, top-tier independent service provider to approximately $3 trillion in assets across administration, depositary, custody and under management.

The addition of MAF follows Apex Group’s successful acquisition of BRL Investimentos, Brazil’s leading independent fund administrator, supplementing the Group’s local market private equity experience, while adding liquid asset servicing capabilities for Brazil.


Peter Hughes, Founder and CEO of Apex Group comments: “The strategic addition of Modal Group’s leading Alternative Fund Administration business will enable us to be the best possible partner of our clients in every location and stage of their lifecycle. We will continue to grow our presence in the Latin American market to support the success of our clients in local markets, and globally.”

Ricardo Lima Soares, Regional Managing Director, Latin America at Apex Group adds: “The addition of MAF to the Apex Group brings a valuable service offering to the local alternative funds sector, meeting clients’ fund, corporate and banking service requirements via a global relationship. The global Apex Group structure will also allow MAF to expand its service offering in Brazil to liquid traditional funds, not only covering the standard offer, but also leveraging Apex Group’s global platforms to combine onshore funds in Brazil with offshore funds solutions. Apex Group’s single-source solution provides services for our clients across the full value chain, underpinned by local knowledge and leading technology platforms.”

About Apex Group

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices in 40 countries worldwide and over 10,000 employees upon the close of announced acquisitions, 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.

About Modal Group

Established in 1996, Modal Group is one of Brazil’s most disruptive financial groups and through Banco Modal it became the first fully integrated and complete digital bank for investors in Brazil (“Modalmais”). Modalmais has over 1 million active accounts, providing access to more than 400 funds and over 140 investment managers. Modalmais also offers digitally, all of the traditional banking services such as checking accounts, services and credit card to all its clients.

About MAF

MAF is one of Brazil’s largest alternative fund administration providers, with nearly BRL80 billion of assets under administration and custody servicing some of the largest fund managers in Brazil, including leading global fund managers investing in the country.

Press contacts:

Apex Group: Antonia Powell, Head of Media Relations | Antonia.powell@apexfs.com 

Get in touch with our team

Contact Us