Apex subsumes Guernsey-based ManCo

Apex Group has acquired Guernsey-based ManCo firm IP Fund Managers Guernsey (IPFMG) for an undisclosed fee.

IPFMG has operated trust funds in Guernsey for more than 15 years and its acquisition will add assets under administration of $200m, across eight funds and six fund managers, to the Apex portfolio.

Apex already offers ManCo services in Guernsey under its global FundRock brand. FundRock Guernsey acts for funds with more than $8bn under management, while globally FundRock works for more than 1,200 funds with a total of €234bn AUM across 12 countries.

The IPFMG deal is just the latest in a string of recent acquisitions completed by the global fund administration business to boost its global ManCo services. These include Boutique Collective Investments in South Africa, as well as both MJ Hudson and Maitland in Luxembourg.

Other recent deals by the fast expanding fund admin space include the acquisition of Japanese corporate services provider Axess Accounting Office, a strategic partnership with software provider Flow, and the launches of an ESG database and new fundraising service Apex Invest.