Bermuda-based Apex Fund Services is expanding into Canada, with the opening of a Toronto office.

The fund administrator which started up on the island seven years ago now has a presence in 15 countries and more than $13 billion in assets under management.

Apex Fund Services (Canada) Ltd will be managed and run by Alex Chapman, who was formerly vice-president and part-owner of Commonwealth Fund Services, the successor to Mintz Fund Services that Mr. Chapman created and managed.

Peter Hughes, managing director of Apex Fund Services Ltd, said: "We view the Canadian market as having significant potential for growth and we are already seeing a number of new fund launches. The opening of our office in Toronto will consolidate our success, particularly in North America, and will allow us to build on the progress already made by our US office.

"Apex has a stated strategy of being located in the same jurisdiction as its clients which enables us to work closely with them, offer bespoke services and understand their local regulatory requirements.

"Our extensive global network is increasingly benefitting our clients as we transfer innovative solutions from one part of the world to any other. Apex is committed to providing un-rivalled levels of value added services to its clients and we will continue to expand the business in line with our growing client base."

At Commonwealth Mr. Chapman provided consultation to some of the largest Canadian portfolio managers and assisted with the launch of many hedge funds and implemented best practice.

Before that, Mr. Chapman, who is a UK chartered accountant, worked in Monaco managing a small offshore fund administration company.

"Canada has needed an administrator such as Apex for many years now, an administrator who can offer international best practice and cutting-edge technology at excellent value," Mr. Chapman said.

Apex has won numerous awards globally for its excellence and innovation in providing fund administration services to an international array of hedge funds and pooled funds.

Some of Apex's recent product launches include MOOR (real-time Middle Office Operational Risk service) and the Emerging Manager Platform in Bermuda.