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Asset Servicing

Apex Fund Services to buy M.M. Warburg asset servicing business in latest acquisition

Apex Fund Services on Monday announced it will acquire the asset servicing business of investment bank M.M. Warburg & Co.

Terms were not disclosed, Apex said in a news release.

Apex's acquisition of the Luxembourg-based business, expected to close in the second quarter, will add Warburg's $50 billion in assets under administration to Apex's $300 billion in AUA.

It's the third announced acquisition of an asset servicing firm by Apex in the past six months. It acquired Deutsche Bank Alternative Fund Services in the fourth quarter and Equinoxe Alternative Investment Services from private equity firm Estancia Capital Management in the third quarter.

Chris Tofalli, Apex spokesman, could not be reached for further details.