Monday 19 November 2018

Two of IFSC's largest fund services businesses to merge

Ireland is home to 20 of the world’s top 25 financial services companies (Stock)
Ireland is home to 20 of the world’s top 25 financial services companies (Stock)
Donal O'Donovan

Donal O'Donovan

Two of the largest fund services businesses in the IFSC will merge following the acquisition of Deutsche Bank Alternative Fund Services (AFS) unit by Apex Fund Services and Genstar Capital.

Close to half of AFS’s global staff are based in Dublin.

All of the around 130 Ireland-based employees along with staff in all of its other offices will join Apex following the deal, which is expected to close in 2018.

The transaction will add $170bn to Apex’s assests under administration (AUA), propelling the Bermuda-based firm to become the eighth largest administrator in the world and the largest independent administrator with $300bn of AUA.

Apex already has three offices in Ireland, in Dublin and Cork.

It’s expected that Deutsche Bank AFS staff will move into Apex locations following the deal.

“This is another significant step in the evolution of the Apex Group,” said Peter Hughes, founder and CEO of Apex.

“This transaction complements the existing Apex business and further strengthens our position as the leading independent provider of fund services globally.”

In September, Deutsche Bank agreed to sell its global corporate services unit – housed within its global transaction banking business – to Vistra Group, the European fund administrator controlled by Barings Private Equity Asia.

In the latest deal, Macquarie acted as exclusive financial advisor and Willkie Farr & Gallagher provided legal counsel to Genstar and Apex. Deutsche Bank was self advised, with legal advice from and Freshfields, Bruckhaus Deringer.

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