Apex Group Ltd, the Bermudian-based global financial services provider, has entered the Portuguese market with the acquisition of Watermark Consulting, a Lisbon-based provider of accounting, reporting, tax compliance and administrative services.

The company said Watermark serves clients including asset managers, multinational corporates, small business enterprises and real estate investors, delivering set-up and incorporation, accounting and reporting, tax compliance, fiduciary, human resources and administrative services.

Watermark will become part of Apex’s existing global corporate solutions business.

Apex said this strategic acquisition further expands the group’s footprint in southern Europe, having launched offices in Madrid and Valencia, Spain, via the acquisition of Sanne Group in 2022 and will complement Portuguese-language capabilities gained through the additions of BRL Investimentos and MAF in Brazil.

Peter Hughes, founder and chief executive of Apex, said: “We continue to see compelling opportunities for further consolidation and growth in southern European markets, notably in Portugal, which has achieved markedly higher post-pandemic growth than other economies in the wider eurozone.

“We look forward to welcoming Watermark’s expert local team, who will offer new capabilities as well as valuable insights for our global client base wishing to raise and invest capital in Portugal.”

Pedro Alves, João Belchior and Nuno Santos, partners at Watermark, added: “We are excited for the opportunities that this acquisition will bring, through the delivery of Apex Group’s multi-jurisdictional, single-source offering to our clients in the Portuguese market.

“Apex Group shares our commitment to offering proactive and high-quality services to our clients and will provide a dynamic and supportive home for our colleagues and clients.”

Apex, established in Bermuda in 2003, now has more than 12,000 employees in offices across 39 countries.