Apex Group to acquire GFin Corporate Services
Bermudian-founded Apex Group Ltd plans to acquire GFin Corporate Services Ltd, a Mauritius-based and licensed management company, providing fund administration services to institutional clients.
Apex said GFin provides a range of services such as company, trust and fund formation, corporate and trust administration, fund administration, corporate structuring, tax compliance, accounting and tax services, NAV calculation, directorship, company secretarial and share registry.
The company said the acquisition complements Apex’s long-established presence in Mauritius, providing an extensive range of locally delivered solutions across fund administration and corporate solutions. Apex Mauritius was founded in 2006 and provides fund services to more than 200 clients.
Meanwhile, GFin was launched in 2010, and has total aggregate assets under administration of $18 billion.
Apex said the acquisition of GFin will add 130 qualified professionals with a focus on funds and cross-border investment servicing to the Apex Group. GFin’s management team will, following the acquisition, maintain leadership roles within Apex Mauritius and globally.
Apex recently acquired transfer agency IASL, the largest third-party management company in Luxembourg, FundRock, Banco Modal’s Brazilian fund administration business and compliance and risk advisory consultancy, Praesidium.
Peter Hughes, founder and chief executive officer of Apex Group, said: “The acquisition of GFin further strengthens Apex’s presence in Mauritius, a growing regional hub for investors looking to access both Asian and African markets. GFin has grown to become one of the leading administrators in Mauritius and will add depth to the services and products on offer to our clients.”
Chandra K Gujadhur, chairman and co-Founder, Mauritius at Apex Group said: “Tej and Santosh have built a strong business, the acquisition of which complements Apex’s existing established presence in Mauritius. Apex’s institutional operating model, coupled with GFin’s extensive local experience will ensure client service continues at the highest level, delivered by a combined team. We look forward to working with Tej and Santosh as they join our existing leadership team.”
Tej Gujadhur and Santosh Gujadhur, co-CEOs and co-founders of GFin added: “We are excited to become part of the Apex Group, one of the largest and fastest growing independent providers in the industry. Our clients will benefit from Apex’s model, which combines dedicated local expertise combined with fully integrated technology, resulting in a fast and efficient service in all areas of the global fund administration business and we will be able leverage our global reach across 21 jurisdictions.
“We are confident that this transaction will enable us to better serve both new and existing clients by drawing on Apex’s global network, density of product and innovative solutions. We remain, in our new roles, deeply committed to the ongoing business, our clients and our team members both old and new.”
Apex is a portfolio company of Genstar Capital. Terms of the transaction are undisclosed. The transaction is subject to customary closing conditions, including regulatory approval from the Financial Services Commission and is expected to be complete in the first quarter of 2021.