Willkie advised Genstar-backed Apex Group on the transaction.
Willkie advised Apex Group, a global financial services provider, on the acquisition and financing of BRL Trust Investimentos, a leading independent fund administrator in Brazil.
The acquisition reinforces the Group’s intent for the Latin American market, supplementing its private equity capabilities while adding liquid asset servicing capabilities for Brazil and the broader Latin American market. This deal further complements the Group’s previous announcement of its intent to acquire MAF, the fund administration business of the Brazil-based Banco Modal which is currently awaiting regulatory approval and which Willkie also advised.
The BRL Trust business will add R$198 billion (USD$38 billion at current exchange rates) in assets under administration and R$166.7 billion (US$32 billion at current exchange rates) in assets under custody, across 560 international and Brazilian investment funds.
BRL Trust serves a range of clients, focusing on large international institutional investors, sovereign wealth funds, private equity firms, large conglomerates and financial institutions, as well as prominent domestic investors including asset managers, single and multi-family offices, banks, insurance companies and other professional investors. By joining the Apex Group, BRL Trust’s clients will benefit the Group’s single-source solution via new products and markets, serviced by over 4,200 people across 46 offices worldwide.
Upon completion of the deal, BRL Trust will add in excess of 160 employees to the Group, increasing its overall Americas headcount to over 500 people, while simultaneously broadening the Group’s existing presence in the Americas through offices in São Paulo and New York.
The deal remains subject to regulatory approval.
The Willkie deal team was led by partner Philip Coletto. The team also included partners Jeffrey Poss and Manuel Miranda and associate Julian Grant.
Willkie previously advised Genstar on the acquisition of Apex Fund Services and Equinoxe Alternative Investment Services and the subsequent bolt-ons of Tzur Capital Management Ltd., the fund administration business of the Brazil-based Banco Modal, FundRock Management Company SA and FundRock Partners Ltd., Deutsche Bank’s Alternative Services Business, MM Warburg, LRI (a Luxembourg based asset manager), Ipes and the corporate and private clients business of Link Asset Services.