Apex Fund Services founder Peter Hughes has stepped down as chief executive officer after running the company for ten years.

Apex today named Bill Salus as the new man at the helm, with immediate effect, while Mr Hughes will become chairman.

From its roots as a Bermuda start-up, Apex has grown into an international fund services provider with more than $30 billion under administration, more than 400 clients and more than 400 employees in 34 offices across 26 countries.

Mr Salus, based in the Apex New York office, will have a particular focus on the US market where he will lead Apex’s North American team.

As chairman, Mr Hughes will focus on building Apex’s Capital Introductory Service, which helps Apex clients access investor capital.

Mr Hughes will also manage Apex’s largest clients as well as concentrate on the Company’s growth strategy including acquisitions and targeting large institutional funds.

Mr Hughes sees strong opportunities for growth all over the world.

“Outsourcing to specialists in the fund servicing sector is growing fast as managers look to keep headcount low and minimise operating costs,” Mr Hughes said.

“In addition, fund administration is playing an increasingly important role in the support of regulatory reporting as well as providing the right infrastructure needed for managers to get significant allocations.

“These trends are set to continue and going forward, Apex requires the strongest leadership team available to meet these changes. Having managed Apex since its formation I am proud of the global services and solutions Apex provides its clients.

“It is very satisfying to have set new standards for the fund administration sector and to be recognised as one of the largest independent providers of these services with the largest global footprint.

Mr Salus, who has over 30 years of experience in sales, management and consulting in the investment and financial services industry, was previously managing director and business executive for BNY Mellon’s asset servicing organisation. He also held senior positions at PNC Global Investment Servicing, KeyCorp, Security Pacific Bank and Bank of America.

“Joining Apex offers a unique opportunity to lead an independent, fast growing organisation with a strong management team and tremendous customer support,” Mr Salus said. “I look forward to leveraging my experience to increase Apex’s share of the fund administration market around the world and in particular the US where the largest number of the world’s funds are based.”