Apex Group acquires Tzur Management
Apex Group Ltd, the global financial services provider founded in Bermuda, has acquired Tzur Management, a fund administration services provider with offices in Tel Aviv and New York.
Terms of the deal were not disclosed.
Apex said the strategic deal further enhances its geographic reach and ability to deliver high quality services to clients globally, on a local basis.
It said the acquisition of Tzur will add 90 employees, assets under administration of $13 billion and a new jurisdiction to the group’s footprint, further solidifying its global position as one of the world’s largest financial service providers.
Peter Hughes, founder and chief executive officer of Apex Group, said: “This acquisition is further evidence of our commitment to building a unique business, with an unrivalled density of high quality, locally delivered services for our clients.
“The addition of the Tzur business enables us to expand into the Israel market and further strengthen our regional presence. As the alternative funds industry continues to attract capital, we will continuously evolve our offering to provide tailored advice and support to these investment strategies and structures.”
Yitz Raab, chief executive officer of Tzur, said: “We are delighted to become part of the Apex Group, a leading financial services provider that shares our commitment to providing clients with a consistent, high quality service offering.
“This transaction will benefit our clients who can now take advantage of the strength of the group’s global brand, cross-jurisdictional capabilities and wide range of additional services and innovative solutions.”
Apex said Tzur, founded in 2011, is a full-service, multidisciplinary fund services manager serving clients in the global alternative investment market.
Through its offices in Tel Aviv and New York, Tzur provides tailored operational infrastructure to funds offering a full suite of fund administration services including fund accounting, operations, and shareholder services to hedge funds, venture capital funds, funds of funds, private equity funds, family offices and other alternative investment vehicles.
Tzur has a strong track-record, recording double digit annual growth since 2016, Apex said.
The acquiring company said Tzur’s clients will now benefit from the group’s global, cross-jurisdictional reach and range of additional services including digital banking, global compliance solutions and ESG ratings and advisory; accessing new markets through its globally connected operating model across 46 offices, supported by over 4,200 employees.
Founded in Bermuda in 2003, Apex delivers a full suite of services to asset managers, capital markets, family offices and corporates.
Apex said it has continually improved and evolved its capabilities to offer a single-source solution through a broad range of solution including fund services, digital banking, depositary, custody, super ManCo services, compliance solutions, corporate services, business services including HR and payroll and a pioneering ESG ratings and advisory service for private companies.