Apex Group Ltd, the Bermudian-based global financial services provider, has expanded its North American presence with the acquisition of Prometa Fund Support Services Inc, a Manitoba-based provider of fund services.

Prometa delivers fund services to clients in Canada, the United States and Bermuda, including hedge funds, labour-sponsored venture capital corporations and mortgage investment corporations.

The organisation administers more than $28 billion in assets for approximately 50 fund companies representing more than 180 funds and approximately 225,000 individual investors.

Apex said growth of Canada’s asset management industry outpaced both the US and the global industry in 2021, with assets under management rising 14 per cent during the year to $3.6 trillion.

It added that the acquisition of Prometa will strengthen Apex Group’s presence in the geography, adding 16 employees based in Winnipeg, supplementing the group’s existing offices in Toronto, and increasing its overall Americas headcount to more than 1,000 people.

In addition to the acquisition of Prometa, Apex Group said it will continue to target organic growth in Canada, expecting to employ 200 people by the end of 2022.

Through this acquisition, Prometa’s clients will benefit from Apex Group’s global reach, access to a network of local experts and a wide range of services including digital banking, together with ESG ratings and advisory.

Apex Group’s services are provided through a single relationship, offering efficient, scalable solutions and enabling clients to grow and expand into new jurisdictions.

This announcement follows the recent close of the acquisition of Sanne, with Apex Group now providing services to almost $3 trillion of assets, delivered via 10,000 employees from more than 80 offices in more than 40 markets.

Peter Hughes, founder and CEO of Apex Group, said: “The addition of Prometa to Apex Group further strengthens our service offering for clients in North America in the alternative asset management space.

“As Canada’s asset management industry continues to see impressive growth, this acquisition bolsters our ability to deliver our single-source solution locally and to be the best possible partner for our clients in this market.”

George Asprey, president and CEO, and Mike Kalic, vice-president and COO of Prometa, added: “We are confident that Apex Group provides the best possible home for Prometa and our clients, offering them unrivalled access to new services, geographies and opportunities.

“The Apex Group team share our commitment to delivering exceptional client experience with innovative services, underpinned by a flexible and scalable technology infrastructure.

“We look forward to the opportunities that Apex Group’s single-source solution, offered globally and delivered locally, will provide for our clients.”