Apex Group wins mandate from Encore Capital Management

Encore is a vertically integrated real estate developer, operator, and institutional investment management firm, with in excess of $2bn in Assets under Management. Encore has been a longstanding tax compliance and structuring client of FTS, a leading tax services provider, which saw a majority shareholding acquired by Apex Group in April 2022.

With FTS becoming part of Apex Group, existing clients - such as Encore - are now benefitting from access to the Group’s global, cross-jurisdictional reach and range of additional services including fund administration, digital banking, compliance solutions and ESG Ratings and Advisory.

Apex was appointed by Encore due to its ability to offer both tax fund administration services through one relationship, underpinned by its functional and real estate industry experience and leading technology solutions. This announcement follows a period of accelerated new business growth for Apex’s Americas business, with Real Estate client wins including American Ventures Partners, RailField Partners and Midtown Capital Partners.

Fund Administration services form an integral part of Apex’s single-source solution, which, according to a recent Total Economic Impact (TEI) report by Forrester Consulting, provides clients of Apex Group with a return on investment of 105% and cost benefits of $5.39m, with a net present value of $2.75m over a three-year period.

William McEnroe, Founder of FTS, now part of Apex Group comments: “This appointment by Encore to provide fund administration services is evidence of the strategic rationale of the acquisition of a majority shareholding in FTS by Apex Group: our clients are now able to access a full suite of services, in addition to their existing tax compliance and structuring delivered by FTS’ experienced team.”

Michael Sheahan, Global Head of Real Estate at Apex Group adds: “As the Real Estate asset class continues to see significant allocations from institutional investors, it is important that managers choose the right partners to support their administrative and operational needs as their funds scale. Apex’s single-source solution, delivered by an experienced team, offers the efficiency and convenience of both fund administration and tax services delivered via one relationship.”

John F Chiste, CFO at Encore Capital Management further adds: “We have been an extremely satisfied client of FTS for over a decade and their acquisition by Apex Group has opened up an expanded range of new services, products and technologies to support our business. Apex’s proven track record in the real estate industry combined with their range of solutions means that they are the perfect partner for Encore’s ongoing operations.”

About Apex Group

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 85 offices in 42 countries worldwide and 10,000 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.

Press contact:

Antonia Powell Antonia.powell@apexfs.com 

About Encore Capital Management

Encore is a vertically integrated real estate developer, operator, and institutional investment management firm. We seek to achieve value through developing and managing residential real estate, both for-sale and for-rent. We also selectively invest in complementary strategies including hospitality, office, retail, and industrial.