Fund administrator Apex Group (Apex) has acquired Beacon Fund Services (Bermuda) Ltd, Beacon Corporate Services Ltd and Beacon Management Ltd (Beacon). Apex is a portfolio company of Genstar Capital.
The acquisition of Beacon, a Bermuda-based fund administrator, adds USD10 billion in assets under administration (AUA) to the Apex Group’s portfolio.
Beacon was established in 1995 and delivers sophisticated service offerings to both offshore and domestic hedge funds and other international entities. Beacon’s addition to the Apex Group is another strong strategic and cultural fit given its independent business model and focus on delivering a personal approach customer service.
Beacon clients will see immediate value from the transaction, gaining access to an additional 28 jurisdictions as well as custody and depositary solutions plus corporate services, while retaining the value of working with an independent provider.
This acquisition is the latest in a series of strategic transactions from Apex taking its AUA to USD610 billion making it one of the largest service providers in the global fund administration space. In January this year the Group also signified its intention to branch out into the wider financial services market through the acquisition of the Corporate and Private Client Services (CPCS) and Throgmorton businesses of Link Group’s Asset Services division, further enhancing its offering to deliver a full global outsourcing solution.
Terms of the transactions, which is subject to customary closing conditions, including regulatory approval and is expected to be completed in Q2 2019, are not being disclosed.
