Apex Group Announces Acquisition Of Beacon

February 27, 2019

Apex Group Ltd., the world’s fifth largest fund administrator, and Genstar Capital jointly announced the acquisition of Beacon Fund Services [Bermuda] Ltd, Beacon Corporate Services Ltd and Beacon Management Ltd [Beacon].

“The acquisition of Beacon, a well-established Bermuda-based fund administrator, adds further weight to Apex’s hedge fund administration, corporate services and transfer agency solutions, while also adding $10bn in assets under administration [AuA] to the Group’s portfolio.” the announcement said.

“Headquartered in Bermuda, Beacon was established in 1995 and delivers sophisticated service offerings to both offshore and domestic hedge funds and other international entities. Beacon’s addition to the Apex Group is another strong strategic and cultural fit given its independent business model and focus on delivering a personal approach customer service.

“Beacon clients will see immediate value from the transaction, gaining access to an additional 28 jurisdictions as well as custody and depositary solutions plus corporate services, while retaining the value of working with an independent provider.

“This acquisition is the latest in a series of strategic transactions from Apex taking its AuA to $610 billion making it one of the largest service providers in the global fund administration space. In January this year the Group also signified its intention to branch out into the wider financial services market through the acquisition of the Corporate and Private Client Services [CPCS] and Throgmorton businesses of Link Group’s Asset Services division, further enhancing its offering to deliver a full global outsourcing solution.

“Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be completed in Q2, 2019.”

Peter Hughes, Founder & Chief Executive Officer, Apex Fund Services, said: “We have been focusing on expanding our capabilities into new markets over the past twelve months, evident through the like of the Link Asset Services and Warburg acquisitions, yet the addition of Beacon demonstrates our simultaneous dedication to continuing to improve and build-out the core service areas that Apex was founded on. As Apex itself was also established in Bermuda, this is a natural fit to expand our presence on the Island and I am looking forward to welcome the team to the Apex Group.”

Nitin Aggarwal, Chief Executive Officer, Beacon Fund Services, said: “At Beacon we have built our business on tailoring service solutions and opening up opportunities for our clients. Becoming part of the Apex Group at this exciting time of groundbreaking expansion will bring great opportunities to both our clients and employees, and is the next natural step in an ever-globalised asset management space.

“The range of products and services that will now become available to our clients, including cross-jurisdictional capabilities and expertise across multiple asset classes is extremely valuable. We feel that we have found the right home with Apex due to its ongoing commitment to expanding its service portfolio while maintaining its agility and independence as a provider.”

Sid Ramakrishnan, Vice President of Genstar Capital, said: “When we invested in Apex 18 months ago, we committed to building a global fund administrator in part by acquiring complementary businesses within high growth areas of the fund services market.

“The X acquisitions we have completed since then have helped to broaden Apex’s suite of solutions and built its client base to include a wider group of asset managers. We are very pleased with the company’s performance and continue to focus on organic growth opportunities, as well as additional add-on opportunities that will drive accelerated growth.”

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  1. Stephen says:

    All Spin!