FundRock and LRI top PwC’s Observatory for Management Companies
Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, announces that subsidiaries FundRock and LRI Invest S.A. (“LRI”) have been named as leading Third Party Management Companies (“ManCo”) by PwC’s 7th annual Management Company Observatory Barometer.
Jointly, FundRock and LRI have been confirmed as the largest Third Party ManCo service offering in Luxembourg and were ranked as follows by PwC’s annual Management Company Observatory Barometer:
- #1 in the Overall Ranking in Third Party ManCos in Luxembourg
- #1 for Third Party UCITS
- #3 for Third Party AIF
This year, reflecting accelerated market focus on ESG, the PwC Management Company Observatory Barometer now includes rankings on management of sustainable assets. FundRock ranks in the Top 5 of a new table – ‘Top ManCo managing Article 8 and 9 products (AIFs only)’.
FundRock and LRI ManCos form an integral part of the Apex Group’s global single-source offering across fund, financial and corporate solutions. This ManCo proposition allows asset managers to streamline their operations in a cost-effective manner by delivering third party ManCo services, supplemented by a range of administrative, middle office, banking, depositary and custody services delivered through the wider Apex Group.
In recent months, FundRock has announced new appointments, including by Royal London to provide Management Company and Distribution Services, as AIFM to NRP Maritime Asset Management’s Premium Maritime Credit Fund and selection of FundRock France AM as the management company for the "Fonds Obligations Relance France".
Xavier Parain, Head of FundRock further comments: “2021 was a year of significant expansion for FundRock as part of the Apex Group, and by offering compelling solution for asset managers, providing local substance combined with global connectivity, assets under management grew by over 30% to €134 billion. We will continue to expand our distribution capabilities and geographic reach as we deliver on our strategic intent to represent asset managers across their portfolio wherever they are in the world. Our expanding presence will help our clients to tackle the increasingly complex regulatory requirements of cross-border fund distribution and will enable them to raise assets more efficiently and effectively, with the highest standards of governance and regulatory compliance.”
Utz Schüller, Managing Director at LRI Invest comments: “We are pleased by the industry’s continued recognition of our business as one of the leading Third Party ManCos providers in Luxembourg’s competitive and growing sector. This latest report from PwC shows the continued development and innovation of these structures over the last year and paints a positive outlook for the funds ecosystem in the Grand Duchy, in 2022 and beyond.”
David Rhydderch, Global Head of Financial Solutions at Apex Group adds: “The results of this latest report show the important contribution of both Super ManCos and licensed AIFMs ManCos to Luxembourg’s financial services industry, with entities based in the Grand Duchy reporting AuM growth of 22% and employing 6,581 people. Luxembourg remains a key strategic geography for Apex, where we will employ over 1,000 people on the close of announced acquisitions of Sanne and Maitland. We now have a stronger suite of solutions than ever before for our European funds clients – enabling them to efficiently streamline their operations and focus on their core business.”
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.
FundRock Management Company is a leading independent UCITS management company and AIFM investment fund manager. It is a subsidiary of Apex Group.
As of December 31, 2021, FundRock oversees more than 470 funds with a total of €134 billion in assets under management. The FundRock group has more than 170 employees in six countries Luxembourg, United Kingdom, Ireland, France, Abu Dhabi and Singapore.
About LRI Invest
LRI is a leading independent investment services company based in Luxembourg. We provide asset managers and investors with three decades of experience in structuring and management of traditional and alternative investment strategies.
Our longstanding experience in structuring and implementing tailor-made solutions make us the ideal partner for asset managers, private equity firms and institutional investors like banks, family offices, insurance companies, and pension funds.
LRI offers a broad spectrum of structuring solutions that are ideally suited to the investment strategy and its economic goal. The concept also gives consideration to individual regulatory, tax and accounting factors.
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