Bermudian-based Apex Group Ltd has entered the German market with the acquisition of fund administrator mola-administration GmbH.

The global financial services provider, which was set up on the island in 2003, said the strategic acquisition establishes the Group’s local presence in Germany, supplementing its existing capabilities to serve clients in Germany and the wider European market.

Apex said mola-administration serves a range of clients, with a 10-year track record of providing fund administration services to private equity firms, venture capital, debt, special situations and digital assets funds managing €3.5 billion of assets.

By joining the Apex Group, the company said mola-administration’s client base will benefit from access to the Group’s single-source solution which includes locally delivered services across depositary, custody, digital banking, ManCo, fund administration, middle office, corporate services and an ESG ratings and advisory solution.

The company said the deal further complements the Group’s geographic expansion strategy and is the latest in a series of recently announced acquisitions including BRL Trust Investimentos and MAF in Brazil, Tzur in Israel and the proposed acquisition of Mainstream Group in Australia.

Following the transaction and the integration of Mainstream Group, Apex said the employees of Hamburg-headquartered mola-administration will join the Group’s 5,000 strong global team across 50 offices worldwide.

With this acquisition the Group said it has increased its overall European presence to more than 2,000 people across 17 offices.

Peter Hughes, founder and chief executive officer of Apex Group, said: “We have long considered Germany to be a market of huge opportunity for our business and have been awaiting the right acquisition to enable our expansion into the geography.

“All our strategic acquisitions are motivated by the increased value and benefits they can deliver for our clients and this further expansion of our cross-border offering in Europe will further enable the provision of expert local market support.

“The addition of mola-administration to the Group continues to strengthen the geographic footprint and reach of our single-source solution, enabling us to seamlessly support our clients, regardless of their location.”

Frank Falkenberg, chief executive officer of mola-administration GmBH, said: “We are excited to become part of the Apex Group and the benefits that their international reach and depth of product offering will deliver for our clients.

“Apex’s respected global brand and experts, as well as their wide range of innovative client services such as ESG reporting and advisory are underpinned by leading technology which will benefit our current and future clients throughout the life cycle of their funds.

“As part of the Apex Group we will be able to generate significant value for the clients and we look forward to the future together.”

Financial terms of the transaction were not disclosed.