BACSIL is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of UCITS, Alternative Investment Funds and offshore depo-lite fund structures, across a wide range of strategies. The BACSIL business, based in Dublin, provides depositary services to client assets of $71.4bn (as at December 31, 2022).
Apex Group’s existing depositary services delivered by EDB, support a range of regulated fund types, underpinned by top-tier technology and workflow systems. The addition of BACSIL deepens the delivery of Apex Group’s independent depositary services in Ireland, with the Group also offering depositary solutions in Luxembourg, UK, Malta, Sweden, Denmark and the Netherlands through its subsidiary European Depositary Bank (“EDB”) and specialist local entities.
BACSIL’s experienced and high-quality team will join Apex Group in Dublin, ensuring consistency of exceptional service levels for existing and future clients. As part of Apex Group, BACSIL’s clients will benefit from the simplicity and efficiency of a single relationship with a global service partner across the full value chain of their business; including custody, digital banking, fund administration, super ManCo and ESG Rating & Advisory solutions.
This is the latest in a series of strategic global acquisitions for Apex Group to broaden the geographical scope of depositary services in the European market with the addition of Darwin Depositary Services in the Netherlands.
Peter Hughes, Founder and CEO of Apex Group comments: “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 a 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.”
Transaction close is subject to customary conditions, including regulatory approvals expected to be granted in 2023. Terms of the transaction are undisclosed.
Kirkland & Ellis LLP and Arthur Cox LLP served as legal counsel to Apex Group, Macquarie Capital acted as financial advisor.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices worldwide and 11,000 employees in 38 countries, Apex Group delivers an expansive range of services to asset managers, financial institutions, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund services, digital onboarding and bank accounts, depositary, custody, super ManCo services, corporate services including HR and Payroll and a pioneering ESG Ratings and Advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the Environment and Climate Change, Women’s Empowerment and Economic Independence, Education and Social Mobility.
About European Depositary Bank
European Depositary Bank (“EDB”) was founded in 1973 in Luxembourg. It was originally established as a subsidiary of Hamburg based private bank M.M.Warburg & CO (AG & CO) KGaA and was acquired by Apex Group Ltd (“Apex”) in 2019. EDB is supported by Apex’s strong global network of over 50 offices worldwide in addition to its extensive European presence with circa 2,000 employees across the region and is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds with over $160bn Assets under Depositary (as of September 30, 2022).
www.europeandepositarybank.com
About Bank of America Custodial Services (Ireland) Limited
BACSIL is a limited liability company operating since 2007 and is incorporated under the laws of Ireland and authorised under Section 10 of the Investment Intermediaries Act, 1995 (as amended) and is regulated by the Central Bank of Ireland to undertake custodial operations involving the safekeeping of specified investment instruments. BACSIL provides custody and depositary related services to collective investment schemes established in a range of jurisdictions. The Depositary is incorporated in Ireland with registration number 430806 and is a wholly owned subsidiary of Bank of America Corporation. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
