Fund company Apex expands into Canada, buys Prometa

Peter Hughes is the founder and CEO of Apex Group
Peter Hughes is the founder and CEO of Apex Group

Photo credit: Anouk Antony

Financial services group Apex, which has some 750 employees in Luxembourg, has bought Canadian fund services company Prometa for an undisclosed sum to expand into the North American market, the company has said.

Prometa Fund Support Services is a Canadian back office service provider, administering $28 billion in assets for 180 funds and over 225,000 investors. Its 16 employees in Winnipeg, Canada are joining Apex Group once the deal has been closed, Apex said in a press release on Thursday.

Apex Group, established in Bermuda in 2003, has over 80 offices in 40 countries worldwide with more than 10,000 employees, including in Luxembourg. In 2021, the company said it had some 750 employees in the Grand Duchy.

In August, Apex announced its acquisition of Sanne, a provider of alternative asset and corporate services, adding some 2,500 employees. In 2020, Apex Group said that it bought fund management company FundRock, which also has employees in Luxembourg, as it expanded its offerings for the fund industry.

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