The consolidation of the management company (ManCo) sector continues following Apex Group’s acquisition of the ManCo business of fellow investor services firm Maitland.
The transaction will add US$200 billion of assets under administration and $17 billion of assets under management to the Apex platform.
It will also see 475 Maitland employees transfer to Apex.
The deal, for which no financial details were disclosed, continues Apex’s run of acquisitions. The latest of these was the purchase of New Zealand-based fund administrator MMC Group.
Apex also acquired European ManCo provider FundRock in February 2021 while Irish ManCo provider Carne Group agreed a deal in January 2022 to acquire AMX from Willis Towers Watson.
Apex founder and CEO Peter Hughes said the deal would “add greater product depth and geographic reach to our business”.
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