Apex Group and Genstar Capital have acquired Link Asset Services‘ corporate and private client services and Throgmorton businesses. No financial terms were disclosed. The deal is expected to close in the third quarter of 2019. Macquarie Capital served as financial adviser to Genstar and Apex with Willkie Farr & Gallagher LLP providing legal counsel.
LONDON, UK, January 31, 2019 – Apex Group Ltd. (“Apex”) and Genstar Capital (“Genstar”) today jointly announce the acquisition of the Corporate and Private Client Services (“CPCS”) and Throgmorton businesses of Link Group’s Asset Services division. The acquisition increases Apex’s global assets under administration (“AUA”) to nearly $600 billion.
The acquisition substantially bolsters Apex’s corporate services capabilities adding specialist hubs in the UK, Jersey, Ireland, Luxembourg, the Netherlands, Hungary and Switzerland. In addition, the businesses have an established and robust service infrastructure, administering and safeguarding assets across seven highly-regulated European jurisdictions. Combined, the Apex Group’s service offering now spans fund administration, banking and depositary solutions, a comprehensive middle office offering and a leading corporate services solution.
The acquisition adds 660 employees and over 6,000 clients to the Apex Group. CPCS’s well-established corporate services framework and Throgmorton’s cross-disciplinary team not only adds to Apex’s expanding set of solutions as a leading hedge and private equity fund administrator, but also further enhances its offering in the wider financial services market to deliver a full global outsourcing solution.
As a result of both organic investment as well as scale and capabilities enhanced by recent acquisitions, the combined Group now has an unrivalled suite of market-specific services on a local, regional, and global scale.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to be completed Q3 2019.
Peter Hughes, Founder & Chief Executive Officer, Apex Group Ltd, said:
“The acquisition of the CPCS business and Throgmorton is an exciting milestone for the Apex Group. The addition of these entities signifies an inflection point for the business, moving us from one of the world’s largest fund administrators to the wider financial services market as a global provider delivering end-to-end solutions to funds, corporations and private clients. Both the CPCS and Throgmorton teams are comprised of extremely well respected and experienced personnel that will complement our expertise across other service capabilities to complete our global financial services offering.”
Anthony O’Keeffe, CEO of Link Asset Services comments:
“We sell our CPCS business to the Apex Group in excellent shape. With the trust and corporate services market undergoing change, we believe Apex has the right focus, growth trajectory and ambition to support management and fully unlock CPCS’ potential.”
Sid Ramakrishnan, Vice President of Genstar Capital, said:
“We are excited to continue supporting Apex in driving growth organically and through strategic acquisitions of high-quality businesses like CPCS. Both CPCS and Apex clients will greatly benefit from the combination of these two leading and complementary businesses.”
Macquarie Capital served as financial advisor and Willkie Farr & Gallagher LLP provided legal counsel to Genstar and Apex.
The Apex Group, established in Bermuda in 2003, is one of the world’s largest fund solutions providers with nearly $600 billion in AUA and over 40 offices worldwide. The Group has continually improved and evolved its product suite and offers a full service solution to its clients: from fund administration, middle office, custody and depositary to corporate services and fund platforms. Apex now administers the investments of some of the largest funds and institutional investors in the world.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for nearly 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $10 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries. Genstar’s current and previous investments in financial and business services companies include Ascensus, Institutional Shareholder Services, Cetera Financial Group, Mercer Advisors, AssetMark and Artivest.
About Link Asset Services
Link Asset Services works in partnership internationally with almost 7,000 clients including asset managers and investors, business managers, asset owners, trustees, issuers and borrowers. We provide the infrastructure through which assets are secured or deployed in both regulated and unregulated markets. The 3,000+ staff of Link Asset Services deliver more than 70 closely aligned services and help capital flow through the financial markets by processing £45bn of payments annually; as well as protecting and safeguarding more than £600bn held in funds, entities and other instruments.
Link Asset Services administers and safeguards assets across ten highly-regulated European jurisdictions. We work with a broad range of market segments, industries and asset classes, including equities, bonds and debt, and real assets. We work closely with regulators, industry bodies and market intermediaries. Our clients often procure multiple services from us and our approach and execution success has enabled us to build market leading positions across all of our business lines:
Link Market Services (share registration, investor relations, share investment services and treasury)
Link Fund Solutions (UCITS ManCo, AIFM, fund administration, transfer agency, ISA plan management)
Corporate and Private Client Services (finance and accounting, outsourcing services, trust and company services, including inter-generational transfers)
Banking and Credit Management, through the Asset Services brand provides loan origination and servicing, debt work-out, compliance and regulatory oversight.
About Link Group (ASX: LNK)
Link Administration Holdings (Link Group) administers financial ownership data and drives user engagement through technology. Underpinned by its investment in technology, people and processes, it delivers comprehensive data and information solutions for companies, large asset owners and trustees across the globe.
For more information, please visit: www.linkgroup.com