Apex Group Ltd, a fund administration company founded in Bermuda 16 years ago, today announced that it has completed the successful closing of the acquisition of private equity administrator Ipes.

The company said the acquisition adds $165 billion in assets under administration to the Group’s portfolio.

The successful closing comes just a day after Apex and Genstar Capital jointly announced the acquisition of the Corporate and Private Client Services (CPCS) and Throgmorton businesses of Link Group’s asset services division.

The company said the addition of the Ipes business further strengthens Apex’s breadth of service and expertise in the private equity space while also solidifying its position as one of the largest private equity fund administrators in the world.

The close of the Ipes acquisition follows a succession of announcements from Apex, including last week’s confirmation of the close of M.M. Warburg & CO Asset Management and servicing business in Luxembourg and the recent announcement of Apex’s custody offering via its partnership with Citi.

At the close of the Warburg deal, M.M. Warburg & CO Luxembourg S.A. was rebranded to European Depositary Bank under the Apex Group. This entity, the company said, delivers a unique service for Apex as the incorporation of banking and depositary services, plus the integrated custody services solution delivered through Apex’s partnership with Citi, further enhances the Group’s global infrastructure and ability to service clients across all aspects of their operations.

Apex can offer its clients a choice of three market-leading technology platforms based on the best fit for their business, the company said, adding that the Group’s acquisition of the CPCS and Throgmorton businesses of Link Group’s asset services division expands its capabilities into the wider financial services market.

The CPCS and Throgmorton businesses increase Apex’s assets under administration to $600 billion. The company said the acquisition completes its unrivalled suite of market-specific services on a local, regional, and global scale.

Peter Hughes, the founder and chief executive officer of Apex, said: “The closing of the Ipes deal is another important milestone for the business. The Ipes team is extremely well qualified and fits seamlessly into our own, bolstering both our private equity expertise and presence in Europe.

“The combination of Apex’s existing fund administration, banking and depositary, integrated custody solution and comprehensive corporate services offering means we now have the ability to deliver a full outsource solution for clients on a global basis.”