Apex Group has acquired Modal Group’s alternative fund administration business in Brazil (MAF), having received full regulatory authorisation from the Brazilian Central Bank.
Apex Group has acquired Modal Group’s alternative fund administration business in Brazil (MAF), having received full regulatory authorisation from the Brazilian Central Bank.
The MAF business adds approximately BRL80 billion (c$16 billion) in assets under administration and custody, across clients representing institutional funds (FIPs, FIDCs and FIIs) of both international and domestic asset managers and institutional international investors.
MAF’s institutional clients in Brazil will now benefit from access to Apex Group’s single-source solution, including services such as Fund Distribution, Global Compliance Solutions and ESG Rating and Reporting & Advisory, delivered by 10,000 employees via a network of over 80 offices worldwide.
MAF adds over 110 employees to Apex Group, increasing its overall Americas headcount to approximately 1,000 people, and broadening its existing presence in Latin America through new offices in Rio de Janeiro and São Paulo, in addition to the Group’s Uruguay office, established in 2013.
Apex Group’s Latin America business will be led by Ricardo Lima Soares, head of MAF who brings over 40 years of experience in the financial and capital markets, having worked for institutions such as JPMorgan, Chase Bank and Itaú Unibanco, Ricardo is well placed to lead the Group’s Latin American operations.
