Apex Group to acquire Bank of America Irish depositary business

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Apex Corporation, a global financial services provider, today announced its proposed acquisition of Bank of America Custodia Services (Ireland) Limited, the business of Bank of America’s depository in Ireland. Apex Group will acquire BACSIL through its subsidiary, the European Deposit Bank (“EDB”).

BACSIL is an inbound and outbound fund custodian solution serving a multitude of blue chip clients including UCITS, alternative investment funds and offshore custodial fund structures, across a wide range of strategies. Dublin-based BACSIL business provides custodial services for $71.4 billion worth of client assets. Apex Group’s existing custody services provided by EDB support a wide range of managed funds, underpinned by leading technology and workflow systems.

The addition of BACSIL strengthens the Apex Group’s offering of independent custodial services in Ireland, with the Group also providing custody solutions in Luxembourg, the United Kingdom, Malta, Sweden, Denmark and The Netherlands through its subsidiary, the European Depositary Bank (“EDB”) and its local specialist unit.

BACSIL’s highly qualified and experienced team will join the Apex Group in Dublin, ensuring exceptionally consistent service levels for current and future customers. As part of the Apex Group, BACSIL customers will benefit from the simplicity and efficiency of a unique relationship with a global service partner throughout their business value chain; including custody solutions, digital banking, fund management, super ManCo and ESG Rating & Consulting.

This is the latest in a series of strategic global acquisitions by Apex Group that aims to expand the geographical reach of custodial services in the European market with the addition of Darwin Custody in the Netherlands.

“The addition of BACSIL continues our strategic priority of strengthening the local delivery of our independent depositary services in Europe. BACSIL’s clients will continue to receive all the existing solutions they require and continuity of service, while also benefitting from access to our full range of global solutions. We look forward to welcoming BACSIL’s clients to the Group, with our single-source model removing the necessity for multiple service provider relationships, delivering efficiency and flexible solutions to all operational requirements of regulated funds.”
Peter Hughes, Founder and CEO of Apex Group.

Closing the transaction is subject to normal conditions, including regulatory approvals expected to be granted in 2023. Terms of the transaction were not disclosed.

Kirkland & Ellis LLP and Arthur Cox LLP act as legal advisors for Apex Group, and Macquarie Capital acts as financial advisors.

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