Apex Group Ltd, the Bermudian-based global financial services provider, has successfully closed the acquisition of a Brazilian fund administrator.

Apex said its purchase of BRL Trust DTVM had received full regulatory approval.

BRL DTVM is the sister company of BRL Trust Investimentos, Brazil’s leading private equity fund administrator and custodian which was acquired by Apex Group in 2021.

BRL DTVM provides fund administration to real estate, trade receivables and open-ended funds, as well as custody services and NAV calculation for all fund types.

Apex said this strategic acquisition further expands the group’s presence in the Brazilian market, consolidating to become the largest custody and fund administration provider to the alternative fund segment, by assets.

BRL DTVM grows Apex Group’s footprint in Brazil to more than 300 employees, enhancing open-ended fund-servicing capabilities to the local market.

Apex Group said it will continue to expand the solutions offered in the Brazil market, including corporate services.

BRL DTVM’s clients will now benefit from access to Apex Group’s single-source solution, including an extended range of products including capital raising and ESG rating and advisory, delivered by more than 11,000 experts across 38 markets worldwide.

Peter Hughes, founder and CEO of Apex Group, said: “We continue to see compelling opportunities for further consolidation and growth in the Latin American fund services market.

“We are proud to become the largest independent services provider to alternatives funds in the Brazilian market, supporting our clients with a comprehensive suite of solutions, serving their requirements throughout the life cycle of their fund vehicles.”

Ricardo Lima Soares, regional managing director, Latin America, at Apex Group, added: “We are excited for the opportunities acquisition will provide to bring our single-source offering to our clients in the Brazilian market and support their continued growth and success.

“Building on the acquisitions of BRL DTVM, BRL Trust Investimentos and MAF, we are well positioned for further growth as one of the leading service providers in Brazil.”