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Asset Servicing

Apex acquires Deutsche fund servicing unit

Apex Fund Services on Thursday announced it acquired Deutsche Bank Alternative Fund Services.

Terms were not disclosed. The acquisition will add $170 billion in assets under administration to Apex, bringing its total AUA to more than $300 billion, according to a news release from Apex.

The acquired business will become part of the Apex brand and all staff and management will move to Apex, an Apex spokeswoman said.

In the third quarter, Apex closed on its merger with Equinoxe Alternative Investment Services as part of an agreement by private equity firm Genstar Capital to acquire a majority stake in Apex as well as all of Equinoxe. The stake in Apex was acquired from growth equity manager FTV Capital. Equinoxe was acquired from private equity firm Estancia Capital Management.