Bermuda-headquartered fund administration company Apex announced its has acquired M.M.Warburg & CO’s asset management and servicing business in Luxembourg.
The transaction will see Warburg Invest Luxembourg and M.M.Warburg & Co Luxembourg become part of Apex and bring a further $50bn to Apex’s global assets under advisory (around $350bn after the completion of the deal).
InvestmentEurope reported plans of the Hambourg-based private bank M.M.Warburg to sell its Luxembourg business last November.
With this third acquisition in six months, Apex bolsters its position in the fund administration field, having purchased Equinoxe Alternative Investment Services and Deutsche Bank’s alternative fund services business in 2017.
M.M. Warburg & CO and Apex will form a strategic partnership for Luxembourg based asset management services businesses whilst Warburg Invest (Germany) will also continue to focus on its German asset management business.
The financial terms of the transaction, subject to a number of closing conditions, have not been disclosed. The deal is expected to be completed in the second quarter of 2018.
“The addition of the Warburg team and product suite further strengthens our capabilities in the highly regulated European market as we continue to develop the most complete service offering in the sector. There are benefits for both the transitioning Warburg clients and existing Apex clients in this combined offering and as we continue to grow we want to help them to grow with us,” outlned Peter Hughes, founder and CEO at Apex.
Joachim Olearius, spokesman for the Partners of M.M.Warburg & CO, added: “In Apex we have found a partner for this transaction that perfectly meets the requirements and expectations of our customers. Apex’s independence and unfailing dedication to delivering exemplary service to its clients means we can be confident that the transition will be smooth and service levels maintained. Our continued commitment to working closely with Apex as a strategic partner aptly demonstrates our trust and confidence in this combination.”