Apex Group has made another purchase in the fund administration space with the announced takeover of Bermuda-based Beacon Fund Services.
The acquisition will also include Beacon Corporate Services and Beacon Management, increasing Apex’s assets under administration (AuA) by $10 billion.
The addition takes its AuA total to $610 billion.
Established in 1995, Beacon provides administration, accounting and transfer agency services to both offshore and domestic hedge funds based in Bermuda and the Cayman Islands.
Beacon also provides cryptocurrency fund administration and initial coin offering (ICO) services.
“We have been focusing on expanding our capabilities into new markets over the past twelve months, evident through the like of the Link Asset Services and Warburg acquisitions, yet the addition of Beacon demonstrates our simultaneous dedication to continuing to improve and build-out the core service areas that Apex was founded on,” said Peter Hughes, found and CEO, Apex Fund Services.
“As Apex itself was also established in Bermuda, this is a natural fit to expand our presence on the Island and I am looking forward to welcome the team to the Apex Group.”
The acquisition will be the second for Apex this year alone, after it announced the takeover of the Corporate and Private Client Services (CPCS) and Throgmorton businesses from Link Group’s Asset Services division.
Apex also closed the acquisition of private equity administration Ipes in February, as well as the acquisition of Custom House in January.
Terms of the agreement with Beacon were not disclosed, and is expected to be completed in the second quarter of this year.