Apex Announces Acquisition of Warburg Business

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LUXEMBOURG, February 1, 2019 – Apex Group Ltd. (“Apex”), together with SALU Capital (“SALU”) announced today that it has completed the successful integration of M.M.Warburg & CO’s Asset Management and Servicing business in Luxembourg adding $50 billion in assets under administration to the Group’s portfolio.

The simultaneous closings of Warburg Invest Luxembourg S.A. (“Warburg Invest”) and M.M.Warburg & CO Luxembourg S.A. (“Warburg Bank”) have solidified Apex’s position as a leading fund services provider in Europe and the world’s 5th largest administrator globally.

M.M. Warburg & CO (AG & Co.) KGaA (“Warburg”) and Apex have now formed a strategic partnership for Luxembourg based asset management services businesses. The Group’s unique operating model and globally connected service provision opens up additional jurisdictional expertise and investment options to Warburg clients.

The integration of the Warburg business in Luxembourg adds over 300 employees to Apex’s local operation. It’s full depositary services and private equity depositary solutions reinforces Apex’s strength in delivering a complete service to European regulated funds and complements its existing service model in the region.

The addition of Banking and Depositary solutions to the Apex product portfolio, in conjunction with its recently announced partnership with Citi for global custody solutions, delivers an unrivaled service offering for an independent fund services provider. The combined entity boasts extensive experience in the highly regulated European market and a unique ability to retain agility while delivering the breadth of services usually associated with large banks.

Peter Hughes, Founder & Chief Executive Officer, Apex Group Ltd., said:

“I am extremely proud of the team we have in place here at Apex; both integrations and business as usual. They have navigated this time of exceptional growth extremely well ensuring that client service levels were not impacted throughout. Separating the Warburg business in Luxembourg, from a German Bank into a global independent financial service provider, was a complex process. Yet we have delivered this successfully and on schedule to complete Apex’s true end-to-end service offering. Our capabilities have expanded from fund administration and middle office to include banking, depositary and corporate services and we will continue to leverage the expanse of internal expertise across each asset class, product type and geography to focus on being the best financial services partner in the industry”.

Markus Philipp Ehrhardt, Managing Partner of SALU Capital, added:

“This transaction proves SALU Capital’s ability to originate, execute and close on proprietary transaction situations that deliver exceptional risk-adjusted returns for our investors and capital partners, as well as our ability to partner with global institutions that are leaders in their field of the caliber of Apex.”

Willkie Farr & Gallagher LLP and Arendt & Medernach provided legal counsel to Apex. 

About Apex

The Apex Group, established in Bermuda in 2003, is one of the world’s largest fund solutions providers with $600bn in AuA and over 40 offices worldwide. The Group has continually improved and evolved its product suite and offers a full service solution to its clients: from fund administration, middle office, custody and depositary to corporate services and fund platforms. Apex now administers the investments of some of the largest funds and institutional investors in the world. www.theapexgroup.com

About SALU Capital

SALU Capital (www.salucapital.com) is a special situations and private equity investment firm with focus on the global financial services and insurance sectors. SALU works with an established network of family offices and institutional investors enabling the firm to target investments with an equity value of between $20 million and $300 million for individual transactions. SALU’s leadership and investment partners have deep and broad experience in global financial markets, private equity and the investment management industry, and SALU relies upon a network of senior advisors that includes former CEOs and senior operators with decades of experience in the sectors that SALU invests in.

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