Apex Group Ltd, the Bermudian-based global financial services provider, has closed the fire-sale acquisition of the business outsourcing division of Jersey-headquartered MJ Hudson Plc, following receipt of regulatory approvals.

Apex, now one of the largest management companies in Luxembourg, had agreed to acquire the once-troubled, London-listed business for about €45.2 million, or less than half its value at the time of its 2019 IPO, according to Investment Officer, an information platform for Luxembourg investment service professionals.

The business outsourcing concern includes management company operations in Luxembourg and Ireland, a Channel Islands fiduciary and fund administration and investment advisory.

Investment Officer reported that a London Stock Exchange filing had Apex agreeing to pay £15 million for MJ Hudson’s data and analytics services and £25 million for its services business.

Of this, £13 million - relates to its Irish business. MJ Hudson’s Luxembourg, Guernsey and Jersey businesses were valued at £4 million each.

Months ago, Reuters reported a suspension of the CFO, the resignation of the CEO and months of discussions over the audit statement, which saw the auditors quit.

Shares of the company were suspended as Hudson was unable to publish its annual accounts and interim results.

Meanwhile, Peter Hughes, Apex founder and CEO said: “As part of Apex Group, MJ Hudson’s clients will benefit from the simplicity of a single relationship with a global service partner across the full value chain of their business.

“With significant substance and technology, we will continue to support our clients to achieve greater efficiency and to meet their resourcing requirements across all major European investment jurisdictions.

“We are excited by the opportunity we see in the Irish market to address growing demand from non-EU managers and the boards of Irish self-managed funds, to partner with an established institutional third-party management company.”