Encore Capital Management has chosen Apex Group, a Bermudian-based global financial services provider, to povide fund administration, investor reporting and tax services.

Encore is a vertically integrated real estate developer, operator, and institutional investment management firm, with more than $2 billion in assets under management.

Encore has been a longstanding tax compliance and structuring client of FTS, a tax services provider, which saw a majority shareholding acquired by Apex Group in April 2022.

With FTS becoming part of Apex Group, existing clients, such as Encore, are now benefiting from access to the group’s global, cross-jurisdictional reach and range of additional services including fund administration, digital banking, compliance solutions and ESG ratings and advisory.

A spokesman for the company said Apex was appointed because of its ability to offer both tax fund administration services through one relationship, underpinned by its functional and real estate industry experience and leading technology solutions.

This announcement follows a period of accelerated new business growth for Apex’s Americas business, with real estate client wins including American Ventures Partners, RailField Partners and Midtown Capital Partners.

Fund administration services form an integral part of Apex’s single-source solution, which, according to a recent Total Economic Impact report by Forrester Consulting, provides clients of Apex Group with a return on investment of 105 per cent and cost benefits of $5.39 million, with a net present value of $2.75 million over a three-year period.

William McEnroe, founder of FTS, now part of Apex Group said: “This appointment by Encore to provide fund administration services is evidence of the strategic rationale of the acquisition of a majority shareholding in FTS by Apex Group. Our clients are now able to access a full suite of services, in addition to their existing tax compliance and structuring delivered by FTS’s experienced team.”

John Chiste, Encore chief financial officer said: “We have been an extremely satisfied client of FTS for over a decade and their acquisition by Apex Group has opened up an expanded range of new services, products and technologies to support our business. Apex’s proven track record in the real estate industry combined with their range of solutions means that they are the perfect partner for Encore’s ongoing operations.”