Fund services provider Apex has agreed to buy M.M.Warburg & CO’s Luxembourg-based asset management and servicing business for an undisclosed sum.
Warburg Invest Luxembourg and M.M.Warburg & CO Luxembourg, which offer full depositary services and private equity depositary solutions, will become part of Apex as part of the deal.
The transaction will add $50bn in assets to the firm’s books, taking its total assets under administration to around $350bn.
Apex and parent firm M.M.Warburg & CO (AG & Co.) KGaA will also sign a strategic partnership for asset management services businesses in Luxembourg.
Apex founder and CEO Peter Hughes said: “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.”
The deal is expected to be wrapped up in the second quarter of 2018, subject to regulatory nod.
M.M.Warburg & CO spokesman for the partners Joachim Olearius said: “Our continued commitment to working closely with Apex as a strategic partner aptly demonstrates our trust and confidence in this combination.”
This is Apex’s third acquisition in six months. In May 2017, the company agreed to acquire Equinoxe Alternative Investment Services. In October last year, Apex announced the acquisition of Deutsche Bank’s Alternative Fund Services business.