Under the terms of the deal, Banco Modal’s business will add $12.5 billion to Apex’s assets under administration and custody. The FundRock deal is expected to complete by the first quarter of next year and will add more than $100 billion in third-party assets. MAF is significant in the Brazilan fund administration market and will add a lot of value to Apex, media reports said. 

Banco Modal and Apex might establish a strategic partnership agreement for further collaborations on depositary and banking services. These services might target clients internationally extending to Europe and other countries. With the acquisition, Apex will hit 1 trillion in assets serviced across administration, custody, depositary and asset under management. This in turn will strengthen its position in the industry, making it a top financial services provider in  asset management.

Peter Hughes, Founder and CEO of Apex Group Ltd, told the media, “There is a significant opportunity in the LatAm market and we have been looking for the right business in Brazil to complement our global service model. 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.”

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