Apex Group has acquired US private equity fund administrator Broadscope in its fourth deal in the first three months of the year.
The deal adds a further $40 billion in assets under administration (AuA) to Apex’s portfolio, taking it to a total AuA to $650 billion globally. Apex will also bring on 74 employees from Broadscope’s Boston and New Jersey offices.
Through the acquisition, Apex will gain access to Broadscope’s AltaReturn technology platform, bolstering its technology offering in order to serve North American private equity clients more effectively.
“The addition of the Broadscope team to the Apex Group further strengthens our US private equity presence and capabilities in the Americas region. Our clients are now able to access services across the full spectrum no matter where they are based in the world,” said Peter Hughes, founder and chief executive officer, Apex Group.
“The 20% organic growth we experienced over the last year is testament to the success of our integrations strategy and demonstrates that we are still winning big mandates while we grow and continue to deliver exceptional service to our clients.”
The deal represents another stage of growth for Apex as it looks to strengthen its US fund services business. Earlier this month, it entered the 40-Act mutual fund administration market through the acquisitions of Atlantic Fund Services.
It also expands its private equity coverage, after taking on Deutsche Bank’s alternative investment fund services team in 2017 and private equity fund administrator Ipes last year.
In the first three months of 2019 alone, Apex has also acquired Bermuda-based Beacon Fund Services and the Corporate and Private Client Services (CPCS) and Throgmorton businesses from Link Group’s Asset Services division.
“We add a strong book of business to Apex’s US operations and are looking forward to leveraging the cross-jurisdictional capabilities of the wider Apex Group,” added Frank Palmeri, founder and managing member, Broadscope Fund Administrators.