Apex Group has announced the planned acquisition of Darwin Depositary Services, a provider of depositary services to alternative investment funds.
Darwin, a leading independent AIFMD depositary in mainland Europe, provides services to clients based in the Netherlands and outside the EU, including hedge funds, real estate, debt and private equity funds as well as funds investing in infrastructure and renewable energy.
Apex Group currently delivers depositary services through subsidiary European Depositary Bank (“EDB”) in Luxembourg, Ireland, UK and Malta; the addition of the Darwin business will add €4.5bn of Assets under Depositary to the Group (as at May 31 2022), expanding the geographic scope of its independent depositary services. Darwin’s management team will become part of the Apex Group’s global team.
Following completion of recently announced acquisitions, the Group will operate from over 80 offices in 40 countries worldwide, with 10,000 employees servicing $2.75 trillion in assets across administration, depositary, custody and under management.
Transaction close is subject to customary conditions including regulatory approvals which are expected in Q3 2022. Terms of the transaction are undisclosed. Simmons and Simmons and Alvarez & Marsal served as legal counsel to Apex Group. JB Law acted as legal counsel to Darwin.