Bermudian-based Apex Group Ltd, the global financial services provider, has announced the planned acquisition of Bank of America Custodial Services (Ireland) Limited, the Irish depositary business of Bank of America.

Apex said it will acquire Bacsil through its subsidiary, European Depositary Bank.

Bacsil is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of UCITS, alternative investment funds and offshore depo-lite fund structures, across a wide range of strategies.

The Bacsil business, based in Dublin, provided depositary services to client assets of $71.4 billion as at December 31, 2022, Apex said.

Apex Group’s existing depositary services delivered by EDB, support a range of regulated fund types, underpinned by top-tier technology and workflow systems.

It said the addition of Bacsil deepens the delivery of Apex Group’s independent depositary services in Ireland, with the group also offering depositary solutions in Luxembourg, UK, Malta, Sweden, Denmark and the Netherlands through its subsidiary, EDB, and specialist local entities.

Apex said Bacsil’s experienced and high-quality team will join the group in Dublin, ensuring consistency of exceptional service levels for existing and future clients.

As part of Apex Group, Bacsil’s clients will benefit from the simplicity and efficiency of a single relationship with a global service partner across the full value chain of their business – including custody, digital banking, fund administration, super manco and ESG rating & advisory solutions.

Peter Hughes, founder and CEO of Apex, said: “The addition of Bacsil continues our strategic priority of strengthening the local delivery of our independent depositary services in Europe.

“Bacsil’s clients will continue to receive all the existing solutions they require and a continuity of service, while also benefiting from access to our full range of global solutions.

“We look forward to welcoming Bacsil’s clients to the group, with our single-source model removing the necessity for multiple service provider relationships, delivering efficiency and flexible solutions to all operational requirements of regulated funds.”

Transaction close is subject to customary conditions, including regulatory approvals expected to be granted in 2023.