The UK Financial Services Authority (FSA) has authorized Apex Fund Services to act as a fund operator. The company can now provide independent administration services to regulated collective investment schemes domiciled in the UK. Importantly all UK based investment managers will be serviced locally from London.
The company has hired Colin Targett to lead the growth of the London office. Targett joins from Standard Bank in Jersey where he was head of valuations. He has also held the position of vice president with BISYS (now Citi). Targett began his career with KPMG Bermuda in 1998, specializing in the audit and accounting of alternative investments funds.
Commenting on the authorization, Peter Hughes, group managing director said: “With offices in most of the worlds financial centers the timing is now right for Apex to launch in the UK. The economic uncertainty is making high quality levels of service and innovative products more and more valuable to investment managers. Receiving FSA authorization demonstrates this is precisely what Apex offers its clients.
Apex secured a $30 million commitment from US-based FTV Capital in June 2011 to accelerate its model of delivering a range of fund administration products into the worlds major financial centres. With the addition of London, the company has 24 offices worldwide in the traditional and alternative asset space.
Commentating on his appointment, Colin Targett, managing director of Apex Fund Services (UK) Ltd said: “I am delighted to be joining the team and overseeing the expansion of the UK office. With asset managers seeking to explore more alternative investment strategies than ever before, Apex is the perfect partner for any manager looking for assistance and specialist expertise.”
(JDC)