HAMILTON, Bermuda, January, 2019 – Apex Group Ltd. (“Apex”), one of the world’s top five largest fund administrators, announced today that it has completed the successful integration of the Custom House business adding $24 billion to the Group’s total assets under administration.
First announced in August 2018, the acquisition of Custom House adds over 200 employees to the Apex Group in addition to offices in several new locations including Beijing, Chicago, Geneva, Rotterdam, Shenzhen and Sofia. The supplementary offices further broaden Apex’s local presence across Europe as it quickly becomes one of the largest fund administrators in the region, in addition to retaining and enhancing the Group’s ability to deliver on its founding principles of delivering local service to clients in their timezone, speaking their language.
Custom House clients now have access to an additional 18 jurisdictions, as well as Apex’s renowned local service delivery model. The successful closing of this transaction adds over 200 managers and 500 funds to the Apex client base. Combining the Custom House business into Apex demonstrates the Group’s ongoing commitment to continuing to build on its existing well established hedge fund capabilities, while simultaneously expanding its offering in the private equity space.
Custom House CFO Helen Breen and COO David Barry, accomplished finance professionals with over 30 years experience combined, will remain part of the Apex Group complementing its existing expertise. The cross-jurisdictional support the Group can deliver is well timed to support managers looking to Brexit-proof their offerings through leveraging the expertise of a global institutional provider.
Peter Hughes, Founder and CEO, Apex Group Ltd. said:
“The Apex and Custom House businesses were established in a similar way and therefore are a natural fit. We are really happy to have closed this deal before 2018 draws to a close itself, and the smooth integration is testament to the existing parity between the organisations. The Custom House team add valuable hedge experience to our existing global hedge teams and the close of this acquisition will be mutually beneficial for both Custom House and Apex clients.”
Helen Breen, CFO, Custom House said:
“We are really happy with the seamless transition of the Custom House business into the Apex Group. The teams have integrated very smoothly and our clients have retained the same attention and service levels we have always been proud to deliver. This is a new chapter for the Apex Group and we are extremely excited to be part of it”.
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