Apex Group closes acquisition of Mainstream Group
Apex Group, a global financial services provider, has completed its acquisition of Mainstream Group Holdings following approvals from Mainstream’s shareholders, the Federal Court of Australia and regulators.
Mainstream would operate under the Apex brand, adding over 360 employees across locations in Australia, Singapore, Hong Kong, United States, Isle of Man, Malta, Ireland and the Cayman Islands.
Following the strategic acquisition of Mainstream, Apex now operated from 50 offices worldwide, with 5,000 employees servicing AU$2 trillion in assets across administration, depositary, custody and under management.
As part of Apex, Mainstream would continue to provide fund administration and related services to over 1,400 funds and more than 189,000 investors with funds under administration in excess of AU$295 billion. Mainstream’s acquisition by the Apex Group would enable clients to benefit from Apex’s global footprint; accessing new markets through its globally connected operating model and single-source client offering.
The group said it was the latest in a series of transformative acquisitions with the anticipated completion of the planned acquisition of Sanne Group plc expected to add AU$1 trillion in assets under management.
Peter Hughes, founder and chief executive of Apex Group said: “We are pleased to welcome Mainstream to the Apex Group, which we believe provides the best platform for the company’s continued success and international expansion”.
“This acquisition forms part of our strategy to continually enhance our single-source model, and significantly expands and deepens our service and product offering for clients across all geographies and aspects of their business.”
Martin Smith, CEO of Mainstream added: ”We are excited to become part of the Apex Group and are enthusiastic about the opportunities it will provide Mainstream clients who can now access a wider suite of solutions through Apex’s global network.
“We share similar cultures and values and are confident of our future as part of the Group. I look forward to seeing the benefits that Apex’s successful integration will bring for our clients and employees in the years to come.”
AUTHOR
Liam Cormican
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