Apex to acquire FundRock
Fund and financial services provider Apex Group has reached an agreement to purchase Luxembourg-headquartered third-party management company FundRock. Apex, which has its headquartered in Bermudas but made Luxembourg its largest services centre at group level in early 2019 through the acquisition of LRI Invest, will tally over 4,000 employees across 45 offices worldwide with FundRock joining the group. Together, they will service combined assets of around $1trn globally.
Apex specified there will be no disruption in service levels. "All management and employees will continue to operate seamlessly, as FundRock but under the wider Apex Group umbrella." The group has been growing fast over the last three years in Europe. Prior to the LRI Invest acquisition in 2019, Apex had acquired asset management and fund services activities of German private bank M.M. Warburg & Co in Luxembourg as well as the fund manager Ipes, headquartered in Guernesey and operating in Luxembourg. It also took over Deutsche Bank’s Alternative Fund Services business.