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Apex acquires fund administration software business

Peter Hughes, founder and CEO of Apex Group (File photograph)

Bermudian-based Apex Group Ltd, the global financial services provider, has acquired Pacific Fund Systems, a leading global fund administration software business, from co-founders and Pollen Street Capital.

This acquisition follows Apex Group’s long standing partnership with PFS through the use of PFS-Paxus, the specialist accounting and administration software, and will expand use of the technology platform to enhance the delivery of timely, accurate and independent portfolio accounting, fund and investor reporting.

Founded in 1999, PFS supports investment fund clients via its core PFS-Paxus product, which fully supports the administration of all manner of open and closed ended traditional and alternative funds, including hedge funds and private equity investment vehicles.

Apex said PFS-Paxus is used by more than 4,000 individual users at over 100 clients managing over $1 trillion of assets under management.

The software integrates all the processes that are normally performed on multiple systems, including securities portfolio, allocation system, general ledger, fee calculation, share registry, investor communications and web portal.

Benefits of this approach include increased efficiency, reduced risk of error, faster valuations, a simplified technical landscape and the ability to support complex investment structures while significantly reducing IT costs, Apex said.

The expanded product offering will allow Apex Group to act as a single-source provider of services across the entire life cycle of client funds for both existing and acquired PFS clients.

Peter Hughes, founder and CEO of Apex Group, said: “Through a combination of partnerships with award winning technology providers, as well as our own market leading platforms, we deliver high quality solutions to asset managers globally.

“PFS-Paxus is a proven global technology solution for the funds industry that enables our clients and third parties to automate all fund administration components on a single platform.

“Bringing PFS-Paxus into the group will help us to continue exceeding client expectations by delivering a single-source solution which improves administrative efficiencies, implements essential controls, and manages our clients’ operational risk.”

Terms of the transaction are undisclosed.

PFS has offices in Sydney, Australia and Douglas, Isle of Man.

Pollen Street, a private capital asset manager established in 2013, has offices in London and New York City.

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Published January 11, 2023 at 1:33 pm (Updated January 11, 2023 at 8:40 pm)

Apex acquires fund administration software business

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