Apex Fund Services on Tuesday announced it had acquired hedge fund administrator Pinnacle Fund Administration.
Terms weren’t disclosed, said Mark Way, Apex spokesman.
The acquisition raises Apex’s overall assets under administration by about $10 billion, to $40 billion. About 60% of those assets, or $24 billion, are for hedge funds and hedge funds of funds, Mr. Way said.
Apex also administers private equity and real estate.
John P. Kelly, managing member of Pinnacle, will join Apex as a managing director.
Macquarie Capital advised Apex on the transaction; Pinnacle did not use an external financial adviser.