Apex announces acquisition of Maitland International

Group expects to service an estimated $2.5trn (more than R40trn) in assets once announced deals are complete.
Peter Hughes, Apex founder and CEO. Image: Supplied

Global capital market company Apex has announced the planned acquisition of international fund services provider Maitland International plc.

According to a statement released on Wednesday, the acquisition adds $200 billion of assets under administration (AuA) and $17 billion of assets under management (AuM) to the Apex platform.

Maitland’s 475 employees will join Apex, expanding the group’s market to the United Kingdom, Guernsey, Luxembourg and South Africa.

The group says Maitland will complement its existing geographic reach, fund administration and management company services, delivered under its FundRock and LRI brands.

According to the capital market company, Maitland was founded in 1976 and provides a range of fund services including administration, transfer agency and management company services to 120 investment managers and 25 fund sponsor clients.

“This client base includes traditional, alternative and mutual funds across all fund types, strategies and investment styles,” the statement adds.

In turn, Maitland’s clients will receive services provided by Apex, including global compliance solutions, environmental social governance ratings, reporting and advisory, and digital banking.

“We have followed the long track record of the Maitland business for some time and are excited by the opportunity to add greater product depth and geographic reach to our business,” says Apex founder and CEO Peter Hughes.

“By becoming part of Apex Group, Maitland’s clients and employees will benefit from access to the Group’s scalable single-source solution underpinned by leading technologies, and services delivered through our global reach and connectivity.”

Other acquisitions

The fund service provider is the latest of Apex’s acquisitions, following that of New Zealand’s investment administration services provider MMC Group on May 3, and India-based boutique and specialised financial services provider Best Alternative Advisory Services on April 19.

Apex is expected to operate from over 80 offices in 40 countries worldwide with 9 000 employees servicing an estimated $2.5 trillion in assets across administration, depository, custody and under management, once the acquisitions are completed.

At present Apex operates from 50 offices and has 5 000 employees.

Nondumiso Lehutso is a Moneyweb intern.

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