Apex Group has acquired BRL Trust, a Brazilian fund administrator. No financial terms were disclosed. A&M acted as financial and tax advisor to Apex Group while Lefosse Advogados and Willkie Farr and Gallagher provided legal counsel. And, Vinci Partners and Souza, Mello e Torres provided counsel to BRL Trust.
Global, August 23, 2021 – Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, announces the successful close of the previously announced acquisition of BRL Trust Investimentos (“BRL Trust”), Brazil’s leading independent fund administrator. BRL Trust’s clients can now benefit from access to the Group’s single-source solution, including an extended range of products and markets, serviced by over 5,000 people across 50 offices worldwide.
This acquisition expands the Group’s growing presence in the Latin American market, adding 160 new colleagues and a new office in São Paulo. This strategic addition to the Group further supplements its local market private equity expertise, while adding liquid asset servicing capabilities for Brazil.
BRL Trust’s client base includes large international institutional investors, sovereign wealth funds, private equity firms, large conglomerates and financial institutions, as well as prominent domestic investors including asset managers, single and multi-family offices, banks, insurance companies and other professional investors. The BRL Trust business adds R$233bn (USD$44.4bn at current exchange rates) in assets under administration and R$195bn (US$37.1bn at current exchange rates) in assets under custody, across 560 international and Brazilian investment funds.
This deal further complements the Group’s previous announcement of its intent to acquire MAF, the fund administration business of the Brazil-based Banco Modal, with regulatory approval expected in Q3 2021.
Peter Hughes, Founder and CEO of Apex Group comments: “The Latin American market is a strategic priority and opportunity for us and our international client base, as we continue our global growth. With the acquisition of BRL, Apex now becomes the largest independent services provider in the Brazilian market. The close of this acquisition means we can now support our clients, whether they are looking to raise, operate and invest funds in, and between, Brazil and the international markets. We are delighted to expand our footprint to Brazil so that Apex continues to be the global provider of choice for managers on every continent.”
Georges Archibald, Managing Director, Americas at Apex Group further comments: “We are pleased to welcome BRL’s employees and clients, and are excited for the opportunities this will provide to bring our single-source offering to new markets. Our new colleagues and offices in Brazil will enable us to help our clients to scale more quickly and efficiently by delivering local market advice partnered with the global infrastructure to fuel their continued growth and success.”
Danilo Barbieri, Co-Chief Executive Officer, BRL Trust Investimentos adds: “We see significant opportunity for further growth both domestically as one of the leading fiduciary service providers in Brazil, and internationally. As part of the Apex Group we can now offer our clients the broadest depth and range of services in the industry as we benefit from being part of an established, global financial services group, with over 50 offices worldwide.”
A&M acted as financial and tax advisor and Lefosse Advogados and Willkie Farr and Gallagher provided legal counsel to Apex Group. Vinci Partners and Souza, Mello e Torres provided counsel to BRL Trust Investimentos.
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 50 offices worldwide and 5,000 employees upon the close of announced acquisitions, Apex delivers an extensive range of services to asset managers, capital markets, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund services, digital onboarding and bank accounts, depositary, custody and super ManCo services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
About BRL Trust Investimentos
Founded in 2005, BRL Trust Investimentos started its activities in the provision of fiduciary services in private credit operations. At the beginning of its first year of operation, BRL Trust already had more than 100 credit operations in companies as Fiduciary Intervener. The confidence resulting from the seriousness and rigor of the services provided by BRL Trust has broadened and diversified the requirements of its clients, generating new business areas such as Administration, Management, Custody (and Representation for foreign investors), Controlling and Registrar of Investment Funds, always observing a total segregation of activities. With a team of experienced professionals, BRL Trust is an independent fund manager, according to the ranking released by Anbima.