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“SS&C, Apex Joust with New Fund Admin Acquisitions”
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A wave of merger and acquisition activity shows no signs of slowing down in the fund administration space, with Apex Fund Services just last week announcing its acquisition of Deutsche Bank’s alternative fund services business. That’s after SS&C Technologies had its own latest addition earlier in the month.
In the next five years, there will only be a handful of banks offering fund administration, along with large players above the $300 billion mark and smaller players below $50 billion, says Peter Hughes, founder and CEO of Apex.
“The important thing is to integrate these businesses that we are buying well, that quality isn’t compromised and that [clients] see quality is getting better as we get bigger,” Hughes says.
The merger will enable Apex to offer bank custody and depository services and push out sophisticated middle office products, Hughes says. The Deutsche lift out also helps Apex pursue its goal to become a top five global fund admin in assets serviced. “We need to double our size again to get in the top five, which is where we are targeting to be,” Hughes says, noting that Apex is looking at a range of options to grow via acquisitions, from single country firms to the potential of more bank lifts outs. Its other recent acquisitions include Equinoxe Alternative Investment Services and Pinnacle Fund Administration, as reported.
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