Apex posts record month amid Brexit chaos

Despite a hectic month Apex Fund Services has a stellar month in June winning over 20 clients from other administrators.
By Jonathan Watkins
Apex Fund Services has logged its biggest growth month in its history by taking on $2.7bn worth of new business in June 2016.

The new business spanned across 36 new clients in the month with an average fund size of $75m.

According to the fund services provider, 60% of the business was converted from other fund administrators.

The record month comes following Britain’s momentous decision to leave the EU and regulatory challenges.

“We’ve faced a tough time as an industry over the past twelve months, with the last month (June 2016) being particularly challenging throughout global markets following the Brexit vote,” said Peter Hughes, founder & chief executive officer, Apex Fund Services.

“During this difficult time the combined efforts of the Apex Group’s dedicated administration teams across the globe means we have been able to continue to add 287 funds to our business as well as delivering a record month of new business in June, the majority of which has come through converting clients from our competitors.”

During June, Apex Fund Services US paid $350,000 to settle charges by the Securities and Exchange Commission (SEC) that it failed to spot red flags and correct faulty accounting by two of its clients.