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Asset Servicing

Apex Fund Services continues acquisition spree with Ipes purchase

Apex Fund Services agreed to acquire private equity fund administration services provider Ipes alongside Genstar Capital from European private equity firm Silverfleet Capital, confirmed an Apex spokeswoman.

Terms of the deal were not disclosed. The transaction is expected to close at the end of the third quarter.

Apex's acquisition of the business will add Guernsey-based Ipes' $165 billion in assets under administration to Apex's $350 billion in AUA. It will also bolster Apex's private equity capabilities and depository services across Europe, making it the fifth-largest global fund administrator, according to a news release.

In January, Apex announced plans to acquire the asset servicing business of investment bank M.M. Warburg & Co. 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.