Apex’s Acquisition of Custom House

Willkie represented Apex Group Ltd. on the deal

Apex Group Ltd., one of the world’s largest fund administrators fiinalized the acquisition of Custom House, a leading global hedge fund administrator delivering services to alternative investment managers across Europe, Asia and the Americas.

The acquisition adds a further $24 billion in assets under administration to the Group’s portfolio and is a strong strategic and cultural fit given its independent business model and focus on delivering a personal approach customer service. The addition of the Custom House business bolsters Apex’s existing hedge fund service arm. With offices in Beijing, Chicago, Dublin, Geneva, Hong Kong, Malta, Rotterdam, Shanghai, Shenzhen, Singapore, Sofia, and Sydney, Custom House provides fund administration services to over 200 alternative investment managers and 500 investment funds.

Custom House clients will see immediate value from the transaction, gaining access to an additional 19 jurisdictions, custody and depositary solutions plus corporate services, while retaining the value of working with an independent provider. In addition, Apex has an established private equity framework in place with over $300 billion in private equity assets, which will bring significant additional value and expertise to Custom House clients. The two businesses share common hedge fund technology platforms, ensuring a smooth integration and seamless client experience.

This acquisition is the latest in a series of strategic transactions from Apex over the past year and increases its AuA to $560 billion. It reflects the Group’s continued global growth, adding further weight to its ambition of becoming the largest independent fund administrator in the world. Towards the end of last year, Apex announced the acquisition of the Deutsche Bank’s Alternative Fund Services business, building on its recapitalization by Genstar Capital and acquisition of Equinoxe Alternative Investment Services. This year Apex announced the acquisitions of M.M.Warburg & CO’s Asset Servicing business, LRI Group, and specialist European private equity administrator, Ipes. Combined, these acquisitions strengthen Apex’s suite of services across all asset classes on a local, regional, and global scale.

Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to be completed at the end of Q4 2018.

The Willkie deal team in London and New York was led by partners Matthew Dean (Picture) and Jeffrey Poss and included partner Manuel Miranda and associates Katie Luton, Philip Coletto, Setarah Taei.

Involved fees earner: Matthew Dean – Willkie Farr & Gallagher; Jeffrey Poss – Willkie Farr & Gallagher; Manuel Miranda – Willkie Farr & Gallagher; Philip Coletto – Willkie Farr & Gallagher; Setareh Taei – Willkie Farr & Gallagher;

Law Firms: Willkie Farr & Gallagher;

Clients: Apex Group;