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Laxman Pai, Opalesque Asia:

Apex Group, a global financial services provider, is set to acquire Banco Modal's alternative fund administration (MAF) business in Brazil.

Terms of the deal, which is subject to approvals including from Brazil's central bank, were not disclosed.

"This is the Group's second acquisition announcement this month, following that of FundRock, and supports its longstanding strategy for delivering local service on a global scale, said a press release from Apex Group.

The MAF business will add around $12 billion in assets under administration and custody, across clients representing institutional funds for both international and Brazilian asset managers.

MAF adds 75 employees to the Group, increasing its overall Americas headcount to over 400 people, while simultaneously broadening its existing presence in LatAm through offices in Rio de Janeiro and São Paulo, complementing its Uruguay office, established in 2013.

"This latest acquisition brings the Apex Group to the landmark milestone of $1 trillion in assets serviced across administration, custody, depositary and under management, reinforcing its strength as a leading financial services provider in the asset management space," said the release.

As part of the transaction, Banco Modal and Apex plan to enter into a strategic partnership agreement to further collaborate on the provision of depositary and banking services to Brazilian clients, whether based domestically, in Eur......................

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