Apex assumes majority stake in FTS
Apex Group Ltd, the Bermudian-based global financial services provider, has acquired a majority shareholding in FTS, an award-winning tax services firm serving clients in the alternative investment and family office sectors.
Apex said FTS, based in New York City, provides comprehensive tax planning, tax compliance and tax structuring for private equity funds, and real estate funds in the alternative investment industry.
These services are underpinned by leading technology to deliver services in a secure and efficient manner and provide seamless integration of fund partnership accounting into the partnership tax platforms.
Apex said this strategic acquisition further strengthens its offering for clients in the US market and enhances its ability to offer a comprehensive and high-quality service to clients of all sizes, delivered by local market experts.
This dedicated tax offering complements Apex’s existing range of US tax preparation services and support, including the preparation and filing of IRS Form 1065 with related Schedule K-1s plus and issuance of PFIC statements for US investors in offshore funds.
The addition of the FTS business broadens the group’s presence in the US through the addition of its offices in New York, Greenwich, Boston, Portland and Coral Springs and more than 50 employees, increasing the group’s Americas headcount to more than 600 people.
Apex said FTS’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; and accessing new markets through its globally connected operating model across 50 offices, supported by more than 9,000 employees.
After the upcoming close of previously announced transactions, Apex will provide services to assets of $2.4 trillion.
Peter Hughes, founder and CEO of Apex Group, said: “The US remains a key strategic market for Apex and FTS represents a complementary addition to our single-source client offering.
“William and his team bring unrivalled knowledge of the tax requirements of structures in the alternative funds space, working effectively and efficiently to deliver results.
“Our clients will benefit from FTS’s integrated and inclusive approach to addressing client needs, as well as additional tax planning support.”
William McEnroe, founder and CEO of FTS, added: “We are proud to have built a business, known for providing quality and technical expertise in the alternative investment and family office sectors.
“Apex shares our dedication to the highest standards of service, and as part of the wider group, we can better support our clients as they evolve and grow.
“We are excited to become part of Apex Group and for our clients to benefit from the density of products, technologies and cross-jurisdictional access now available to them.”
FTS was named US alternative investment tax firm of the year at the M&A Today Global Awards 2021.