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Not many fish left in the sea
A look at the fund administration foodchain and who is acquiring
which competitors as the consolidation trend continues.
Apex Fund
Services
MUFG
SS&C
Custom House
2018
LRI Group
2018
Rydex Fund
Services
2016
CACEIS NA
Fund
business
2018
Ultimus Fund
Solutions
DST
2018
CommonWealth
Fund Services
2017
Ipes
2018
MM Warburg &
Co Asset
Management &
Services (LUX)
2018
Woodfield Fund
Administration
2018
Conifer
Financial
Services
2016
Equinoxe
Alternative
Investment
Services
2017
MAS
International
Wells Fargo
Fund
Services
2016
Deutsche Bank’s
Alternative Fund
Services Business
Services
2017
Ocorian
2018
SSG Group
First Names
Group 2017
Source: Aite Group
inflexibility.”
Hughes explains that the group’s aim is to retain its inde-
pendence while also introducing the capabilities and services
traditionally associated with a bank.
Backed by private equity firm Genstar, there have been five
major deals in the past 13 months for Apex, including Equinoxe
Alternative Investment Services, MM Warburg Asset Servicing,
Deutsche Bank’s Alternative Fund Services business, and most
recently, Ipes and Custom House Fund Services.
“Agility is key and from Apex’s perspective our strategy does
not fall in to a simple case of ‘buy or be
bought’, we are focused on creating a new
combined business that offers something
genuinely unique to clients.”
Other big acquisitions in previous years
included State Street snapping up Gold-
man Sachs’ administration services unit
and US Bancorp Fund Services adding
Quintillion’s $18 billion in hedge fund
assets under administration in 2013.
The Hedge Fund Annual 2018
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