Apex to Acquire Pinnacle Fund Administration in North American Push

Apex Fund Services has announced it will acquire Pinnacle Fund Administration, as it looks to accelerate its drive into the U.S. and Canada.

Details of the value of the acquisition, however, were not disclosed.

The takeover of Pinnacle will allow Apex to target middle market managers in the U.S. and Canada, while allowing clients of Pinnacle to expand their market reach through the Apex Global Network of 34 offices worldwide.

Pinnacle, headquartered in North Carolina, also operate offices in New York and Vancouver, which Apex will take over. Apex already has five offices in the U.S., as well as an office in Toronto.

“We are highly impressed with Pinnacle’s commitment to its clients and believe they are the ideal partners to help build our North American operations,” says Bill Salus, global CEO of Apex Fund Services.

The expansion of Pinnacle is the first major move after Apex hired ex-BNY Mellon managing director Dennis Westley to head its North American operations last month.

Furthermore, the acquisition is the latest example of consolidation between standalone fund administrators.

“During this period of industry consolidation, we analyzed all of the key drivers that have contributed to our success and concluded that it was in our clients’ best interests that we link up with an entity that enables us to broaden our service offerings without sacrificing quality” adds John Kelly, managing member of Pinnacle.

Macquarie Capital served as exclusive finance advisor and Marino Partners served as legal counsel to Apex Fund Services in the transaction.