PFS-PAXUS user, Apex announces acquisition of Broadscope Fund Administrators further expanding its US presence and adding $40bn to its global AUA

Apex Group Ltd. (“Apex”) today announced the acquisition of Broadscope Fund Administrators LLC (“Broadscope”), a US-based private equity fund administrator. The deal adds a further $40 billion in assets under administration (“AuA”) to Apex’s portfolio, taking it to a total of $650bn globally, in addition to further strengthening its capabilities and presence in the US following the recent acquisition of Atlantic Fund Services (“Atlantic”). The acquisition adds 74 employees from Broadscope’s Boston and New Jersey offices and a robust fund administration business delivering solutions to North American private equity clients utilizing the AltaReturn technology platform: a platform Broadscope has used exclusively since 2011. The deal bolsters Apex’s unique technology offering and solidifies its position in the North American fund services space. Broadscope’s strong management team and extensive local experience complement Apex’s existing private equity capabilities and recent entry into the 40Act funds market via the Atlantic acquisition. Apex now has 260 employees across the Americas region, with offices in Atlanta, Bermuda, Boston, Cayman Islands, Charlotte, Chicago, Costa Mesa, New York, New Jersey, Portland, San Francisco, Toronto and Uruguay.  The Group has experienced exceptional growth over the past twelve months, not only through acquisition, but also through an impressive 20% organic growth rate as it continues to win larger mandates as its product portfolio and expertise deepens on a global basis. Broadscope’s clients will benefit from gaining immediate access to Apex’s global network of offices supported by 3,000 employees worldwide. The Group’s unrivaled cross-jurisdictional capabilities and established presence in the European regulated market, including proprietary banking and depositary solutions, are complemented by its ongoing expansion in the US market. This is the latest in a series of highly strategic acquisitions made by Apex over the past eighteen months, transforming the Group’s position from a fund administrator to a global financial services provider. The addition of corporate services from Link Asset Services announced earlier in 2019 develops the Group’s offering in the wider financial services market and enables the delivery of a full global outsourcing solution. Apex is a portfolio company of Genstar Capital. Terms of the agreement are not being disclosed. Please read the full announcement here.