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Apex buys Malta-based fund services provider Maitland

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Steven Georgala, CEO of Maitland

Bermudian-based Apex Group Ltd, the global financial services provider, has announced the planned acquisition of the fund services and third-party management company business operations of Maitland International Holdings plc, an international fund services provider based in Malta.

Founded in 1976, Maitland provides an extensive range of fund services including administration, transfer agency and management company services to 120 investment managers and 25 fund sponsor clients, Apex said.

This client base includes traditional, alternative and mutual funds across all fund types, strategies and investment styles.

Apex said this strategic acquisition adds $200 billion of assets under administration and $17 billion of assets under management to the Apex platform.

Maitland’s 475 employees will join the group, expanding Apex’s existing presence in Britain, Guernsey, Luxembourg and South Africa.

The company said the addition of Maitland will complement Apex’s existing geographic reach, fund administration offering and management company services, delivered under the FundRock and LRI brands.

It said Maitland’s clients will now benefit from Apex’s single-source solution, including services such as global compliance solutions, ESG rating, reporting and advisory and digital banking.

This is the latest in a series of successfully integrated global acquisitions for Apex including the recent addition of MMC Group, New Zealand’s leading provider of investment administration services.

Following completion of announced acquisitions, Apex will operate from more than 80 offices in 40 countries worldwide, with 9,000 employees servicing an expected $2.5 trillion in assets across administration, depositary, custody and under management.

Peter Hughes, founder and CEO of Apex Group (Photograph supplied)

Peter Hughes, founder and CEO of Apex Group, said: “We have followed the long track record of the Maitland business for some time and are excited by the opportunity to add greater product depth and geographic reach to our business.

“By becoming part of Apex Group, Maitland’s clients and employees will benefit from access to the group’s scalable single-source solution underpinned by leading technologies, and services delivered through our global reach and connectivity.”

Steven Georgala, CEO of Maitland, said: “This transaction is testimony to the fact that the Maitland management team and employees have, over many years, with great dedication and support from our loyal client base, built a world’class service provider to the international investment fund community.

“On behalf of the board and our founding shareholders I wish to thank our staff and clients for their dedication and support, and I am confident that they will thrive and prosper within the Apex fold.”

Transaction close is subject to customary conditions including regulatory approvals.

Terms of the transaction are undisclosed.

Maitland is privately owned and has offered independent third-party fund administration services since 1990 and ManCo services since 2014.

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Published May 19, 2022 at 7:42 am (Updated May 19, 2022 at 7:42 am)

Apex buys Malta-based fund services provider Maitland

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