The Apex Group, which launched as a provider of fund administration services in Bermuda in 2003 and has more than USD5bn in assets under administration, has announced the establishment of
The Apex Group, which launched as a provider of fund administration services in Bermuda in 2003 and has more than USD5bn in assets under administration, has announced the establishment of a fund administration subsidiary in Malta, Apex Fund Services (Malta).
Apex Malta is planned to provide a platform for developing the group’s business in the European Union and surrounding markets, and is expected to be ready to service its first funds in the near future.
Says managing director Peter Hughes: ‘Malta is the perfect fit for independent fund administrators. It has good quality people, embraces technology and, as a jurisdiction, has proved to be quick to respond to the challenges and opportunities in the market.
‘Like Apex, which remains focused on being a niche administrator, Malta is also very focused in its growth strategies for financial services. We both combine flexibility with the right systems and people to deliver a sustained service at the highest level.’
Apex Malta will offer a full range of fund administration services including online web reporting access for investors and fund managers through its ApexFundsNet platform, as well as daily, weekly or monthly fund valuations, maintenance of books and records, and the preparation of financial statements.
Hughes says Apex Malta will be able to provide a high level of service to traditional funds, fund of funds, hedge funds and private equity funds. The firm will use the PFS-Paxus accounting and shareholder services software, which is widely used for hedge fund accounting by leading investment managers and fund administrators.