Apex Group agreed to acquire Brazil-based Banco Modal's alternative fund administration business, a spokeswoman said.
Terms of the deal, which is subject to approvals including from Brazil's central bank, were not disclosed. Banco Modal's business adds 70 billion Brazilian real ($12.5 billion) to Apex's assets under administration and custody, boosting the firm's business to $1 trillion, a news release said. The acquisition adds 75 employees to the group.
"MAF is well established in the Brazil fund administration market and is a strong addition to our business, expanding the reach of our single source model across the Americas and also giving our existing clients direct access to the Brazil market," Peter Hughes, founder and CEO of Apex Group, said in the release.
Eduardo Centola, co-CEO of Banco Modal, added in the release: "Our clients will now have the opportunity to access the group's international network and extensive range of products, and we are particularly excited about the value Apex's pioneering ESG ratings and advisory service will bring."
The acquisition follows Apex's moves to acquire Luxembourg-based alternative fund distributor FundRock and United Arab Emirates-based compliance and advisory firm Praesidium Advisory earlier this year. The FundRock deal is set to complete by the first quarter of 2021 and will add more than $100 billion in third-party assets. Details on Praesidium were not available.
