Apex Group keeps expanding into depositary work

Financial services company Apex Group is expanding the depositary services it already offers in Luxembourg and elsewhere by buying an Irish depositary business from Bank of America in the latest in a recent series of acquisitions.

Apex Group, which employs about 1,200 people in Luxembourg, is buying Bank of America Custodial Services (Ireland) two months after closing its acquisition of Netherlands-based Darwin Depositary Services, which works with alternative investment funds.

The clients of Bank of America Custodial Services, based in Dublin, include UCITS and alternative investment funds employing a range of strategies, Apex Group said in a statement on Monday. Terms of the deal were not disclosed. The purchase is subject to conditions, including regulatory approvals expected to be granted this year, Apex Group said.

A depository provides security and liquidity by holding assets for safekeeping, usually investing in other securities until returning the deposit upon request.

Apex Group already offered depositary services in Ireland in addition to Luxembourg, Malta, Sweden, Denmark, the UK and the Netherlands through its subsidiary, the European Depositary Bank, and local entities.

Apex Group said last week it acquired fund marketer ALFI Partners for an undisclosed sum. In September, Apex bought up Prometa Fund Support Services, a Canadian back office service provider, in an effort to expand into the North American market. A month earlier, the firm announced its purchase of Sanne, a provider of alternative assets and corporate services, adding some 2,500 employees.

In 2020, Apex bought fund management company FundRock as it expanded its offerings for the fund industry.

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