Apex has announced the planned acquisition of Luxembourg Manco Fundrock. The deal would complement the group's 2019 acquisition of Luxembourg-based ManCo LRI.
The announcement, made last week, involves the purchase of FundRock Management Company SA and FundRock Partners Ltd, the group’s UK arm.
This latest deal not only complements its Manco offering, in 2019 Apex, acquired Luxembourg-based ManCo LRI, adding 150 employees and a means of penetrating the Luxembourg market. It also emphasizes the group’s commitment to providing the broadest range of solutions in the industry and further strengthens its presence in the country, as Fundrock is the largest third-party manager of UCITS funds in Luxembourg. Apex will reach close to $1 trillion in combined assets across administration, custody, depositary and under management.
FundRock is a leading independent UCITS (Undertakings for Collective Investment in Transferable Securities) Management Company and AIFM (Alternative Investment Fund Manager) with 130 employees in Singapore, the UK, Ireland, Luxembourg and France, offering management, risk and distribution solutions for French, Irish, Luxembourg, Swedish and UK based funds.
Established in Bermuda in 2003, Apex is a global financial services provider. With 45 offices worldwide and 3,500 employees, Apex delivers an extensive range of services to asset managers, capital markets, private clients and family offices.
Apex is a portfolio company of Genstar Capital. The transaction is expected to be complete in first quarter of 2021.
Macquarie Capital acted as financial advisor to Apex and Genstar Capital, while Kirkland & Ellis’s London and Paris offices as well as Willkie Farr & Gallagher provided legal counsel to Apex and Genstar Capital.
Rothschild & Co acted as financial advisor to Fundrock and Arendt & Medernach SA provided legal counsel to FundRock.
Edited by Ramata Diallo