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Apex Group continues US growth with acquisition

12 April 2022

Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, announces today the acquisition of a majority shareholding in FTS, a leading tax services firm serving clients in the Alternative Investment and Family Office sectors.

FTS provides comprehensive tax planning, tax compliance, and tax structuring for Private Equity Funds, and Real Estate Funds in the Alternative Investment Industry. These services are underpinned by leading technology to deliver services in a secure and efficient manner and provide seamless integration of fund partnership accounting into the partnership tax platforms.

This strategic acquisition serves to further strengthen Apex’s offering for clients in the US market and enhances its ability to offer a comprehensive and high-quality service to clients of all sizes, delivered by local market experts. This dedicated tax offering complements Apex’s existing range of US tax preparation services and support, including the preparation and filing of IRS Form 1065 with related Schedule K-1s plus and issuance of PFIC statements for US investors in offshore funds.

The addition of the FTS business broadens the Group’s existing presence in the US through the addition of its offices in New York, Greenwich, Boston, Portland and Coral Springs and over 50 employees, increasing the Group’s Americas headcount to over 600 people.

FTS’ clients will now benefit from the Group’s global, cross-jurisdictional reach and range of additional services including digital banking, global compliance solutions and ESG Ratings and Advisory; and accessing new markets through its globally connected operating model across 50 offices, supported by over 9,000 employees. Following the upcoming close of previously announced transactions, Apex will provide services to assets of US$2.4 trillion.

This acquisition continues Apex’s growth momentum and follows the acquisition of Greenough Consulting Group (“GCG”), expanding its West Coast presence in the US.

Peter Hughes, Founder and CEO of Apex Group comments: “The US remains a key strategic market for Apex and FTS represents a complementary addition to our single source client offering. William and his team bring unrivalled knowledge of the tax requirements of structures in the alternative funds space, working effectively and efficiently to deliver results. Our clients will benefit from FTS’ integrated and inclusive approach to addressing client needs, as well as additional tax planning support.”

William McEnroe, Founder and CEO of FTS adds: “We are proud to have built a business, known for providing quality and technical expertise in the alternative investment and family office sectors. Apex shares our dedication to the highest standards of service, and as part of the wider Group, we can better support our clients as they evolve and grow. We are excited to become part of Apex Group and for our clients to benefit from the density of products, technologies and cross-jurisdictional access now available to them.”

Terms of the transaction are undisclosed. Sadis & Goldberg LLP provided legal counsel to Apex Group. Diserio Martin O’Connor & Castiglioni LLP provided legal counsel to FTS.

About Apex Group

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 50 offices worldwide and 9,000 employees upon the close of announced acquisitions, Apex delivers an extensive range of services to asset managers, capital markets, 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 and super ManCo services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.

About FTS

FTS is the only tax firm exclusively dedicated to the Alternative Investment and Family Office sectors. Our professional team is comprised of former Big Four CPAs, JDs, CFAs and MSTs with extensive knowledge and experience in servicing Real Estate, Private Equity, Hedge Funds and the Family Office Industry. By providing only non-audit services, the FTS team is able to proactively focus on a broad range of services to help our clients achieve their goals.
FTS is one of the leading firms in and throughout the area. By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve. Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year.

US Alternative Investment Tax Firm of the Year - M&A Today Global Awards 2021.

Press contacts:

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

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