Apex Group Ltd plans to acquire FundRock Management Company SA and FundRock Partners Ltd.

When the transaction is completed, Apex will reach close to $1 trillion in combined assets across administration, custody, depositary and under management.

Apex was founded in Bermuda in 2003, and is a global financial services provider. It said the deal reinforces its ability to deliver “award-winning services on a global basis” and complement last year’s acquisition of Luxembourg-based ManCo LRI, adding 150 employees across Luxembourg, London, Dublin, Limerick, Paris and Singapore.

FundRock is the largest third-party manager of UCITS funds in Luxembourg.

Apex has a long-established presence in the European regulated market and in addition to a range of locally delivered solutions across banking, depositary, custody, fund administration and corporate solutions, FundRock’s clients will benefit from the group’s international presence; accessing new markets through its globally connected operating model across 45 offices, supported by about 4,000 employees.

Peter Hughes, founder and chief executive officer of Apex Group said: “We are committed to continually enhancing our service model and enriching our client experience. The FundRock business adds weight to our ManCo capabilities and further strengthens our single-source model, enhancing our ability to support clients across all aspects of their business – no matter where they are in the world.”

Xavier Parain, CEO of FundRock, said: “We are excited to become part of the Apex Group, one of the strongest providers in the industry that, crucially, shares our commitment delivering to the highest levels of client service. This transaction will enable us to draw on Apex’s international network, density of product and innovative solutions, such as its ESG ratings and advisory and digital banking, to support sustainable growth for our clients in a highly competitive market.”

Sid Ramakrishnan, principal of Genstar Capital and a member of Apex Group’s board of directors, said: “FundRock is a highly strategic and complementary addition to the Apex Group, which has developed into a unique and differentiated platform delivering the broadest range of end-to-end services while maintaining the highest standards of client satisfaction among its marquee client base of private equity funds, asset managers, corporates and family offices worldwide.“

Eric May, co-founder of BlackFin Capital Partners, said: “We are thrilled to see FundRock becoming part of the Apex Group. Over the last five years FundRock, originally RBS branch in Luxembourg, became the obvious ManCo leading player in Luxembourg, more than quadrupled in size through organic and inorganic growth, and successfully developed its Luxembourg, UK and Ireland footprint. Being part of a larger group will allow FundRock to pursue its expansion.”

Apex is a portfolio company of Genstar Capital. Terms of the transaction are undisclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be complete in the first quarter of 2021.

Macquarie Capital acted as financial adviser, while Kirkland & Ellis and Willkie Farr & Gallagher provided legal counsel to Apex and Genstar. Rothschild & Co acted as financial adviser and Arendt & Medernach SA provided legal counsel to FundRock.