Apex lands new $1b UK client
Bermuda-based Apex Fund Services has landed a new $1 billion client hard on the heels of gaining regulatory approvals from the UK.
Yesterday Apex announced that WAY Fund Managers, the UK provider of fund hosting services to the wealth management sector, had selected Apex to service all of its 47 funds with combined assets under management of over $1 billion.
Apex, a rapidly expanding independent fund administrator which has grown nearly 200 percent in the last three years, can now claim to be one of a few global fund administrators with the capability to provide services to UK managers with both UK authorised and offshore funds in the same location.
As part of a collaboration agreement, Apex and WAY Fund Services are to begin cross-selling each other’s services. Apex will introduce clients to WAY Fund Managers’ platform and at the same time offer its Order Management System (OMS) and Portfolio Management System (PMS) technologies to WAY clients.
With its Global Reach, Local Presence strategy including 28 offices worldwide and full suite of products ranging from fund launch services, technologies, middle office and administration services, Apex is now fully recognised as a Total Fund Solutions provider, making it unique within the global fund services industry.
Apex managing director Peter Hughes said: “We are delighted to be working with WAY Fund Managers. Their decision to appoint Apex reflects our willingness to pledge significant resources to develop specialist systems and acquire both accounting and administration expertise to ensure our clients’ needs and requirements are always fully met.
“The Apex Total Fund Solutions model offers fund managers an alternative from paying too much for poor service levels and an opportunity to work with a trusted advisor that has a commitment to providing its clients with personalised products and services at realistic prices.”
Peter Hugh-Smith, chief executive of WAY Fund Managers, said: “After several years where the large administration companies had a stranglehold on the market, there are now a number of new and innovative administrators offering advanced, contemporary services into the marketplace.
“Apex is one of these firms and we look forward to benefiting from their personal and efficient team, as well as exploring opportunities to grow our businesses together.”
Apex has assets under administration of more than $23 billion, 28 offices and more than 300 employees across the globe.