Apex wins depositary and fund admin mandate from global alternatives group

The mandate includes full depositary and administration solutions for Duet Group's five master funds and five feeder funds across three investment structures.

By Joe Parsons

Duet Group, a global alternatives investment management firm, has selected Apex Group as its full depositary and fund administrator provider for their liquid Africa strategies.

Duet is a global investment manager and a controlling shareholder of multiple asset managements, including Duet Private Equity, Emerging Markets Investment Management, Duet Alternatives Investments, Merit Capital, and Hill Street, the Group‘s centralised service company.

The mandate includes full depositary and administration solutions for five master funds and five feeder funds across three structures in multiple jurisdictions including Jersey, Ireland and Cayman. Apex’s appointment will enable Duet to drive cost efficiencies through an agile service model, and in turn, enhance operations to support investor returns.

“Their [Apex] full-service single source solution combining depositary, administration and corporate services, enables us to consolidate, drive significant efficiencies and be rid of the burden of multiple suppliers,” said Henry Gabay, CEO, Duet Group.

“The Group’s capabilities and expertise have been demonstrated by a quick and seamlessly integrated solution across multiple jurisdictions.”

A series of high-profile deals this year for Apex has helped it expand across custody, depositary and management company (ManCo) services. This has enabled it to develop a one-stop shop for investment managers that can span across multiple regions.

“Duet Group has recognised the value of the disruptive capabilities Apex is able to provide as a complete independent fund solutions provider to include banking, administration and corporate service products; and with global reach. This is a significant endorsement of services which demonstrates the advantage of one source solutions,” added David Rhydderch, global head of financial solutions, Apex Group.

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