Apex opens office in Uruguay
Apex Fund Services, one of the world’s largest independent fund administration companies, has continued its expansion into the LatAm markets with the opening of a new office in Montevideo, Uruguay.
This latest office opening re-affirms Apex’s commitment to LatAm where the hedge fund sector is expanding rapidly in line with the growth of the region’s economies.
Similarly to the Apex Miami office, which opened in June 2012 and is linking US managers to LatAm, Apex Uruguay will now play a key role in opening up the territory to the world’s fund managers. With operating costs for asset managers lower in Uruguay than in Brazil, outsourcing to Apex provides independence and cost savings both of which, as staffing costs grow, significantly benefit the bottom line for managers.
Opportunities in LatAm go beyond Brazil and Mexico. Chile has a sophisticated pension fund market and an advanced retail fund management market with local knowledge and expertise on investment within the region. Mexico has an important retail pension fund market and increasingly retail fund market. Additionally Panama is a thriving offshore jurisdiction with growing opportunities.
Allocations are increasing across LatAm with investors seeing relative value in Chile, Colombia, Mexico and Peru, with Brazil the fundamental growth driver for the region.
The opening of the Apex Uruguay office also coincides with the second anniversary of the Mercados Integrados Latinoamericanos (MILA), the region’s integrated capital markets trading platform that links the stock exchanges of Chile, Colombia, Peru and shortly Mexico, Panama and Costa Rica. MILA creates greater liquidity for investors and increases the number of investment opportunities.
Peter Hughes (pictured), group managing director, Apex Fund Services Ltd, says: “Apex’s total fund solutions are now available in every continent in the world. Our Global Reach, Local Presence strategy is now reaching deep into LatAm as Apex’s full range of fund products and services are made available to both local and offshore fund managers.
“Accuracy and trust are paramount when servicing funds. Wherever clients see the Apex logo they can be 100 per cent certain of receiving the same high levels of reliable and personalized fund services anywhere around the world. We look forward to introducing Apex’s industry leading fund services to LatAm.”
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