Apex Group and its partners have acquired at least 95% of the Luxembourg fund Augur Financial Opportunities, which owns the LRI Group and is currently managed by Augur Capital.
As a result of the acquisition of LRI, assets managed by Apex are projected to increase by $13bn to $535bn in the future.
LRI Group brings expertise in the Luxembourg and regulated markets, which combined with its successful local service framework, will bolster Apex’s existing operation. The LRI Group team will join the new Apex office in Munsbach, bringing Apex’s total number of employees to over 2,000 globally. LRI boss Frank Alexander de Boer promises customers access to local expertise at 37 additional locations worldwide as well as an expanded range of services.
With the LRI transaction, Apex continues to grow. This is the fifth transaction for Apex in the past 10 months, following the takeover announcements of Equinoxe Alternative Investment Services, Deutsche Bank’s Alternative Fund Services, M.M.Warburg & CO’s Asset Management and Servicing business, and private equity fund administrator, Ipes.
Terms of the transaction are not being disclosed. The transaction is subject to customary closing conditions including regulatory approvals and is expected to be completed in the fourth quarter of 2018.