Apex Group Ltd, a Bermuda-based multinational financial services provider, will acquire Mauritius-based GFin Corporate Services Ltd, which provides fund administration and other corporate services to institutional clients.
GFin, set up in 2011 by Tej Gujadhur and Santosh Gujadhar, provides services including company, trust and fund formation, fund administration, corporate structuring, tax compliance, accounting, and tax services.
The acquisition of the company will help Apex boost its presence in Mauritius, which is one of the most-favoured destinations for alternative investors setting up India-focussed vehicles. Apex says its local arm meets the requirements of over 200 clients.
It will also help GFin’s clients access Apex’s other markets, which include 45 offices in North and South America, Australia, Europe, India, China, and Japan.
The two companies did not disclose the financial details of the transaction. Apex says it expects the acquisition to close by the first quarter of next year, pending closing conditions and regulatory approvals.
As part of this acquisition, Apex will also add 130 of GFin’s employees, who specialise in matters including funds and cross-border investment servicing. GFin’s own management team will take up leadership roles within Apex Mauritius and other locations.
“Apex’s institutional operating model, coupled with GFin’s extensive local experience, will ensure client service continues at the highest level, delivered by a combined team,” Apex Group Mauritius chairman and co-founder Chandra K Gujadhur said.
Apex was set up in 2003 and has more than 4,000 employees across the world. The company is backed by investors including San Francisco-based mid-market private equity firm Genstar Capital.
The company has also announced and struck other acquisitions this year to augment its capabilities. These include the UK-based Investor Administration Solutions Ltd (IASL), FundRock, the Brazilian fund administration business of Banco Modal, and Praesidium, a compliance and risk-advisory-focussed consulting firm.