Bermudian-founded global financial services provider Apex Group Ltd has announced the final close of the acquisition of FundRock Management Company SA and FundRock Partners Ltd, following full regulatory approvals.

The FundRock brand will be retained, and will operated as a subsidiary of Apex Group.

Following completion of the acquisition, Apex now has $1 trillion in combined assets across administration, custody, depositary and under management, further solidifying its global position as one of the world’s largest financial service providers.

Peter Hughes, founder and chief executive officer of Apex Group, said: “We are pleased to announce the close of this acquisition which will allow us to enhance our service model and enrich our client experience. The FundRock business shares our commitment to exceptional levels of client service and is a highly complementary addition to the Apex Group. This strategic acquisition further strengthens our single-source model, grows our ManCo capabilities and expands our ability to support clients across all aspects of their business – no matter where they are in the world.”

Xavier Parain, head of FundRock, said: “We are pleased to join the Apex Group, whose international footprint, density of product and innovative solutions will help us better serve our clients. Our existing reputation for delivering leading ManCo solutions, combined with the Apex’s broad breadth of services and geographical presence, creates a powerful partnership and gives us further strength and support as we continue to expand and evolve our business.”