A corporate team from Carey Olsen Bermuda has advised Apex Group on its purchase of Beacon Fund Services (Bermuda), Beacon Corporate Services (Bermuda) and Beacon Management.
The acquisition of fund administrator Beacon adds to Apex's hedge fund administration, corporate services and transfer agency solutions, while adding $10bn in assets under administration to the Apex portfolio.
Beacon was established in Bermuda in 1995 to serve offshore and domestic hedge funds and other international entities.
The Carey Olsen Bermuda team comprised Partner Mary Ward and Counsel Adam Bathgate. The firm advised on all the Bermuda aspects of the acquisition, providing full-service corporate and other specialist legal advice.
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 in the second quarter of this year.