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Alternative Market Briefing

Apex acquires pioneering hedge fund administrator Custom House, adds $24bn of assets

Tuesday, August 14, 2018

Laxman Pai, Opalesque Asia:

Apex Group, one of the world's largest fund administrators, and mid-market PE shop Genstar Capital jointly announced the acquisition of the global hedge fund administrator Custom House, adding a further $24bn in assets under administration to the Group's portfolio.

The addition of the Custom House, which delivers services to alternative investment managers across Europe, Asia and the Americas, will bolster Apex's existing hedge fund service arm.

Custom House provides fund administration services to over 200 alternative investment managers and 500 investment funds from offices in Beijing, Chicago, Dublin, Geneva, Hong Kong, Malta, Rotterdam, Shanghai, Shenzhen, Singapore, Sofia, and Sydney.

As part of the transaction, Custom House CEO Mark Hedderman has decided to leave the firm to explore new opportunities.

The deal - fourth purchase this year - increases Apex's AuA to $560bn, after completing the onboarding process of Deutsche Bank's Alternative Fund services business in June.

The transaction is subject to regulatory approval, and is expected to be completed at the end of fourth quarter this year.

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 framewor......................

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