Willkie represented Apex Group Ltd., one of the world's largest fund solutions providers, in the transaction, which adds an additional $24 billion in assets under administration to the group's portfolio.
On August 13, Willkie client Apex Group Ltd., a portfolio company of Genstar Capital, announced that it has agreed to acquire Custom House, a leading global fund administration services business headquartered in Malta with operations in Ireland, Bulgaria, the Netherlands, Singapore, Hong Kong, Australia and the United States. The transaction is part of a wider consolidation of the fund administration services industry being driven by Apex Group, and follows the acquisition by Apex of the Deutsche Bank fund administration services business, which completed earlier in 2018, and the acquisition of Ipes group, which is due to close in the final quarter of 2018.
With over $24 billion in assets under administration, Custom House provides fund administration services to more than 200 managers and 500 investment funds. The Apex Group, established in Bermuda in 2003, is one of the world's largest fund solutions providers. Genstar Capital manages funds with total capital commitments of approximately $10 billion and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries.
The Willkie deal team in London and New York was led by partners Matthew Dean and Jeffrey Poss and included partner Manuel Miranda and associates Katie Luton, Philip Coletto, Setarah Taei.