Global, October 14 2020 — Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, announced today the planned acquisition of FundRock Management Company SA and FundRock Partners Ltd (“FundRock”).
This latest deal serves to reinforce Apex’s ability to deliver award-winning services on a global basis and complement the Group’s 2019 acquisition of Luxembourg-based ManCo LRI, adding 150 employees across Luxembourg, London, Dublin, Limerick, Paris and Singapore. Upon completion of the transaction, Apex will reach close to $1 trillion in combined assets across administration, custody, depositary and under management, further solidifying its global position as one of the world’s largest financial service providers.
FundRock has a robust track-record dating back to 1935 and is the largest third-party manager of UCITS funds in Luxembourg. FundRock’s addition to the Apex Group will not only strengthen its ManCo offering, but emphasises the Group’s single-source commitment to providing the broadest range of solutions in the industry.
Apex has a long-established presence in the European regulated market and in addition to an extensive range of locally delivered solutions across banking, depositary, custody, fund administration and corporate solutions, FundRock’s clients can now benefit from the Group’s international presence; accessing new markets through its globally connected operating model across 45 offices, supported by c. 4,000 employees.
Peter Hughes, Founder and CEO of Apex Group comments: “We are committed to continually enhancing our service model and enriching our client experience. The FundRock business adds weight to our ManCo capabilities and further strengthens our single-source model, enhancing our ability to support clients across all aspects of their business – no matter where they are in the world.”
Xavier Parain, CEO of FundRock adds: “We are excited to become part of the Apex Group, one of the strongest providers in the industry that, crucially, shares our commitment delivering to the highest levels of client service. This transaction will enable us to draw on Apex’s international network, density of product and innovative solutions, such as its ESG Ratings and Advisory and digital banking, to support sustainable growth for our clients in a highly competitive market.”
Sid Ramakrishnan, Principal of Genstar Capital and a member of Apex Group’s Board of Directors adds: “FundRock is a highly strategic and complementary addition to the Apex Group, which has developed into a unique and differentiated platform delivering the broadest range of end-to-end services while maintaining the highest standards of client satisfaction among its marquee client base of private equity funds, asset managers, corporates and family offices worldwide.“
Eric May, Co-founder of BlackFin Capital Partners, adds: “we are thrilled to see FundRock becoming part of the Apex Group. Over the last 5 years FundRock, originally RBS branch in Luxembourg, became the obvious ManCo leading player in Luxembourg, more than quadrupled in size through organic and inorganic growth, and successfully developed its Luxembourg, UK and Ireland footprint. Being part of a larger group will allow FundRock to pursue its expansion.”
Apex is a portfolio company of Genstar Capital. Terms of the transaction are undisclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be complete in Q1 2021.
Macquarie Capital acted as financial advisor, while Kirkland & Ellis and Willkie Farr & Gallagher provided legal counsel to Apex and Genstar. Rothschild & Co acted as financial advisor and Arendt & Medernach SA provided legal counsel to FundRock.
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 45 offices worldwide and 4,000 employees, Apex delivers an extensive range of services to asset managers, capital markets and family office. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of products in the industry; including fund services, digital onboarding and bank accounts, depositary, custody and super ManCo services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $19 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial, and software industries. Genstar’s current and former portfolio companies in the investment management sector include Apex Group, Artivest, AssetMark, Ascensus, Cetera Financial Group, ISS, Mercer Advisors, and Orion Advisor Solutions.
About FundRock Group
FundRock is a leading independent UCITS Management Company and Alternative Investment Fund Manager (AIFM), offering management, risk and distribution solutions for French, Irish, Luxembourg, Swedish and UK based funds. From their offices in France, Ireland, Luxembourg, Singapore and the United Kingdom FundRock overseas more than $100bn of third-party assets for more than 90 established blue-chip companies and asset owners.
With c. € 1.8 bios of asset under management, BlackFin Capital Partners is the leading Private- Equity platform dedicated to Financial Services in Continental Europe. Established in 2009, BlackFin is a fully independent firm, led by seven partners who have worked together as managers, entrepreneurs and investors in the financial industry for several decades. The team has a total of 30 professionals across the Paris, Brussels and Frankfurt offices. For further information, please visit www.blackfin.com.
Apex Group: Antonia Powell, Head of Media Relations | [email protected] | +44 (0)77 8990 2279
FundRock Management Company S.A.: Polina Nakou, Marketing & Communications Manager | [email protected] | +352 691346005
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