Apex has agreed to takeover private equity administrator and depositary Ipes in a deal that will propel it becoming the world’s fifth largest fund administrator.
The deal will add $165 billion in assets under administration to Apex’s portfolio, while taking on 195 new clients and 265 staff across five European offices.
The acquisition also further expands Apex’s reach into private equity administration, a market which has seen the fastest growth in terms of assets of all alternative investments.
“This deal marks another momentous milestone for Apex, positioning us as the fifth largest fund administrator in the world—a goal we set out to achieve over a five-year period but have achieved in just under a year,” said Peter Hughes, founder and CEO, Apex Fund Services.
Terms of the agreement were not disclosed, and is expected to close at the end of the third quarter this year.
After completion of the deal, Apex will have a staff force of almost 2000, with its total assets being serviced reaching $535 billion.
The acquisition is the third in 13 months after receiving the backing over US private equity firm Genstar Captial. The high-profile deals include Equinoxe Alternative Investment Services, MM Warburg Asset Servicing and Deutsche Bank’s Alternative Fund Services business.
“We are excited to continue supporting Apex in driving growth through strategic acquisitions of high-quality businesses like Ipes. Both Apex’s and Ipes’ clients will greatly benefit from the combination of these two leading and complementary businesses,” said Tony Salewski, managing director, Genstar Capital.