Apex Group, one of the world’s largest fund administrators, and private equity firm Genstar Capital have announced the acquisition of Ipes, a Guernsey-headquartered provider of fund administration and other services to the private equity sector.
Adding $165bn in assets under administration to Apex’s portfolio, this acquisition will bolster the Group’s private equity capabilities and depositary services across Europe and position it as the fifth largest fund administrator globally. Ipes currently has 265 staff across five European offices.
As one of the largest European private equity fund administrators and depositaries, Ipes works with 195 clients and provides administration and depositary oversight for 390 funds. With the successful closing of this acquisition, Apex employee numbers will reach almost 2,000 and its total assets being serviced will increase to around $535bn.
The latest acquisition reflects Apex’s continued global growth. Towards the end of last year, Apex announced the acquisition of the Deutsche Bank’s Alternative Fund Services business, building on its recapitalisation by Genstar Capital and acquisition of Equinoxe Alternative Investment Services.
Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to be completed at the end of Q3, 2018.
Chris Merry, Chief Executive, Ipes, said: “At Ipes, we understand the importance of staying at the forefront of industry and regulatory developments in order to meet the evolving needs of today’s clients. With this in mind, Apex and Genstar were natural partners for us and one that mirrored our commitment to innovation and exceptional customer service.”