Apex Group has added $170 billion in assets under administration to its business after completing the deal for Deutsche Bank Alternative Fund Services.
The deal was initially announced in October 2017.
Apex Fund Services has been growing rapidly in recent years through acquisitions driven by its private equity owners.
In June, Apex agreed to takeover private equity administrator and depositary Ipes, in a deal that will result in it becoming the world’s fifth largest fund administrator.
The acquisition was the third in 13 months following the takeover of Equinoxe Alternative Investment Services, MM Warburg Asset Servicing and the aforementioned Deutsche Bank’s Alternative Fund Services business.
“We are now in a truly unique position to add genuine value to our clients as an independent provider with robust banking capabilities and services,” said Peter Hughes, founder & chief executive officer of Apex Group.
“Moving 300 people and a sophisticated technology offering is one of the most complicated undertakings there is. To have achieved this in such a short time is testimony to the hard work and skills of the integration teams on both sides.”
The fund services industry continues to go through a period of consolidation with technology giants SS&C and Apex leading the charge over the past year.
SS&C made its second major acquisition for the year with the purchase of CACEIS North America, following takeovers of the fund businesses of Citi, Wells Fargo and Conifer in previous years.