Business

Apex Group acquires Brazil's BRL Trust Investimentos, further expanding in Latin America

Financial terms of the transaction were not disclosed, it is subject to customary terms and conditions and regulatory approvals

Photo: Apex/Courtesy
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  • This acquisition reinforces Apex’s intent for the Latin American market;
  • The deal further complements the Apex’s previous announcement of its  intent to acquire MAF, the fund administration business of the Brazil-based Banco Modal which is currently awaiting regulatory approval.  

Apex Group, a global financial services provider, announced on Thursday the acquisition of BRL Trust InvestimentosBrazil’s independent fund administrator. 

According to the firm, this acquisition reinforces Apex’s intent for the Latin American market, supplementing its private equity capabilities while adding liquid asset servicing capabilities for Brazil and the broader Latin American market.

The deal further complements the Apex’s previous announcement of its  intent to acquire MAF, the fund administration business of the Brazil-based Banco Modal which is currently awaiting regulatory approval.  

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According to Apex, the BRL Trust business will add BRL 198 billion ($38 billion at current exchange rates) in assets under administration and BRL 166.7 billion ($32 billion at current exchange rates) in assets under custody,  across 560 international and Brazilian investment funds.  

BRL Trust serves a range of clients, focusing on large international institutional investors,  sovereign wealth funds, private equity firms, large conglomerates and financial institutions, as well as prominent domestic investors including asset managers, single and multi-family offices, banks,  insurance companies and other professional investors.

Currently, Apex solutions has over 4,200 employees across 46 offices worldwide. Upon completion of the deal, BRL Trust will add in excess of 160 employees to Apex, increasing its overall Americas headcount to over 500 people, while simultaneously broadening the group’s existing presence in the Americas through offices in São Paulo and New York. 

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As announced upon signing of the acquisition of Banco Modal’s MAF, Ricardo Lima Soares (Head  of LatAm) will help oversee the Apex’s local operations and support its continued expansion in the region. 

“We continue to see significant  opportunity in the Latin American market and with the strategic acquisition of BRL Trust, Apex becomes the largest independent services provider in the Brazilian market. Whether managers  are looking to raise, operate and invest funds domestically in Brazil or across international  markets, Apex will now be the default choice to service these funds using a coordinated single source offering,” said Peter Hughes, Founder and CEO of Apex Group, in a press statement.

Financial terms of the transaction were not disclosed. Completion of the transaction is expected to 2021 second half, and is subject to customary terms and conditions and regulatory approvals. A&M acted as financial and tax advisor and Lefosse Advogados and Willkie Farr and Gallagher provided legal counsel to Apex Group. Vinci Partners and Souza, Mello e Torres provided counsel to BRL Trust  Investimentos. 

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