Apex Group Ltd, a fund administration company founded in Bermuda 16 years ago, has increased its assets under administration to nearly $600 billion with an acquisition revealed yesterday.

Apex, together with private-equity firm Genstar Capital jointly announced the acquisition of the Corporate and Private Client Services (CPCS) and Throgmorton businesses of Link Group’s asset services division.

The acquisition substantially bolsters Apex’s corporate services capabilities adding specialist hubs in the UK, Jersey, Ireland, Luxembourg, the Netherlands, Hungary and Switzerland. In addition, the businesses have an established and robust service infrastructure, administering and safeguarding assets across seven highly-regulated European jurisdictions.

Combined, the Apex Group’s service offering now spans fund administration, banking and depositary solutions, a comprehensive middle office offering and a corporate services solution.

The acquisition adds 660 employees and more than 6,000 clients to the Apex Group.

Peter Hughes, the founder and chief executive officer, Apex Group Ltd, said: “The acquisition of the CPCS business and Throgmorton is an exciting milestone for the Apex Group.

“The addition of these entities signifies an inflection point for the business, moving us from one of the world’s largest fund administrators to the wider financial services market as a global provider delivering end-to-end solutions to funds, corporations and private clients.

“Both the CPCS and Throgmorton teams are comprised of extremely well respected and experienced personnel that will complement our expertise across other service capabilities to complete our global financial-services offering.”

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to be completed in the third quarter of 2019.