In the same month that Apex Group Ltd announced its intention to acquire FundRock, the firm advises that it is acquiring Brazil-based Banco Modal's Alternative Fund Administration business ('MAF'), one of the country's largest alternative fund administration providers. This move is part of the rollout of a longstanding strategy for delivering local service on a global scale.

MAF adds 75 employees to the Group, increasing its overall Americas headcount to over 400 people, while simultaneously broadening its presence in Latin America through offices in Rio de Janeiro and São Paulo, complementing its Uruguay office, established in 2013. The acquisition adds nearly BRL70 billion (c. US$12 billion) in assets under administration and custody, across clients representing institutional funds (FIPs, FIDCs and FIIs) for both international and Brazilian asset managers. MAF has a leading reputation for private equity and real estate administration in the Brazil market and by joining the Apex Group, MAF's clients will benefit from the ability to tap into its market-leading fund administration expertise and its single-source solution via new products and markets, serviced by over 4,000 people across 45 offices worldwide.

This latest acquisition brings the Apex Group to a milestone of $1 trillion in assets serviced across administration, custody, depositary and under management, reinforcing its strength as a leading financial services provider in the asset management space.

As part of the transaction, Banco Modal and Apex plan to enter into a strategic partnership agreement to further collaborate on the provision of depositary and banking services to Brazilian clients, whether based domestically, in Europe and the Rest of the World, and reinforcing the Group's statement of intent for continued growth in the LatAm market.

Peter Hughes, Founder and CEO of Apex Group Ltd. comments: "There is a significant opportunity in the LatAm market and we have been looking for the right business in Brazil to complement our global service model. MAF is well established in the Brazil fund administration market and is a strong addition to our business, expanding the reach of our single-source model across the Americas and also giving our existing clients direct access to the Brazil market."

Eduardo Centola, Co-CEO of Banco Modal adds: "We are excited for the future of our Alternative Fund Administration Division as it becomes part of the Apex Group, which has grown to become one of the largest international providers in the financial services industry. Our clients will now have the opportunity to access the Group's international network and extensive range of products, and we are particularly excited about the value Apex's pioneering ESG Ratings and Advisory service will bring."

Financial terms of the transaction were not disclosed. Completion of the transaction is subject to the execution by the parties of a definitive agreement containing customary terms and conditions and regulatory approvals, including approval of the Brazilian Central Bank.

How do I enable cookies in my browser?

Internet Explorer
1. Click the Tools button (or press ALT and T on the keyboard), and then click Internet Options.
2. Click the Privacy tab
3. Move the slider away from 'Block all cookies' to a setting you're comfortable with.

Firefox
1. At the top of the Firefox window, click on the Tools menu and select Options...
2. Select the Privacy panel.
3. Set Firefox will: to Use custom settings for history.
4. Make sure Accept cookies from sites is selected.

Safari Browser
1. Click Safari icon in Menu Bar
2. Click Preferences (gear icon)
3. Click Security icon
4. Accept cookies: select Radio button "only from sites I visit"

Chrome
1. Click the menu icon to the right of the address bar (looks like 3 lines)
2. Click Settings
3. Click the "Show advanced settings" tab at the bottom
4. Click the "Content settings..." button in the Privacy section
5. At the top under Cookies make sure it is set to "Allow local data to be set (recommended)"

Opera
1. Click the red O button in the upper left hand corner
2. Select Settings -> Preferences
3. Select the Advanced Tab
4. Select Cookies in the list on the left side
5. Set it to "Accept cookies" or "Accept cookies only from the sites I visit"
6. Click OK

In the same month that Apex Group Ltd announced its intention to acquire FundRock, the firm advises that it is acquiring Brazil-based Banco Modal's Alternative Fund Administration business ('MAF'), one of the country's largest alternative fund administration providers. This move is part of the rollout of a longstanding strategy for delivering local service on a global scale.

MAF adds 75 employees to the Group, increasing its overall Americas headcount to over 400 people, while simultaneously broadening its presence in Latin America through offices in Rio de Janeiro and São Paulo, complementing its Uruguay office, established in 2013. The acquisition adds nearly BRL70 billion (c. US$12 billion) in assets under administration and custody, across clients representing institutional funds (FIPs, FIDCs and FIIs) for both international and Brazilian asset managers. MAF has a leading reputation for private equity and real estate administration in the Brazil market and by joining the Apex Group, MAF's clients will benefit from the ability to tap into its market-leading fund administration expertise and its single-source solution via new products and markets, serviced by over 4,000 people across 45 offices worldwide.

This latest acquisition brings the Apex Group to a milestone of $1 trillion in assets serviced across administration, custody, depositary and under management, reinforcing its strength as a leading financial services provider in the asset management space.

As part of the transaction, Banco Modal and Apex plan to enter into a strategic partnership agreement to further collaborate on the provision of depositary and banking services to Brazilian clients, whether based domestically, in Europe and the Rest of the World, and reinforcing the Group's statement of intent for continued growth in the LatAm market.

Peter Hughes, Founder and CEO of Apex Group Ltd. comments: "There is a significant opportunity in the LatAm market and we have been looking for the right business in Brazil to complement our global service model. MAF is well established in the Brazil fund administration market and is a strong addition to our business, expanding the reach of our single-source model across the Americas and also giving our existing clients direct access to the Brazil market."

Eduardo Centola, Co-CEO of Banco Modal adds: "We are excited for the future of our Alternative Fund Administration Division as it becomes part of the Apex Group, which has grown to become one of the largest international providers in the financial services industry. Our clients will now have the opportunity to access the Group's international network and extensive range of products, and we are particularly excited about the value Apex's pioneering ESG Ratings and Advisory service will bring."

Financial terms of the transaction were not disclosed. Completion of the transaction is subject to the execution by the parties of a definitive agreement containing customary terms and conditions and regulatory approvals, including approval of the Brazilian Central Bank.