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Apex Fund Services to acquire Deutsche Bank’s Alternative Fund Services business

Hedgeweek Interviews - Fri, 10/20/2017 - 06:03

Apex Group’s Apex Fund Services is to acquire Deutsche Bank’s Alternative Fund Services (AFS) business, a deal that will add USD170 billion in AUA and make Apex the eighth largest fund administrator in the world, and the largest independent administrator.

The deal reveals the rapid expansion of Apex since the company was recapitalised by Genstar Capital and simultaneously acquired Equinoxe Alternative Investment Services. The purchase of the AFS business is the most recent significant step in Apex’s movement towards its stated goal of being a top five global fund services business.
 
Apex’s global reach and connected operating model opens up an additional 18 investment jurisdictions to AFS clients, with local expertise available through the Apex network of offices. The combination of AFS and Apex will also enable a broader range of products and services to be offered to clients. Apex’s local service delivery model, coupled with AFS’ management, staff and platform, will ensure client service continues at the highest level. It is this service model and the global network of offices that has enabled Apex to achieve one of the fastest organic growth rates in the sector. Terms of the agreement are not being disclosed. The transaction is expected to close in the second quarter 2018.
 
“This is another significant step in the evolution of the Apex Group. This transaction complements the existing Apex business and further strengthens our position as the leading independent provider of fund services globally,” says Peter Hughes (pictured), Founder and CEO at Apex. “This acquisition is consistent with Apex’s ongoing commitment to continued strategic investments and to developing our product offering to become the most complete partner in the sector.”
 
“The Apex team is working closely with Deutsche Bank to ensure a seamless transition and we are committed to providing our new customers with the same high level of service our current Apex customers have come to expect and delivering additional and tailored services to the AFS clients. Apex’s philosophy for delivering tailored and client-centric service on a local level remains the same. We are delighted to welcome the AFS management and staff to Apex and look forward to continuing to develop our global team as we step closer to our target of becoming one of the world’s top five largest fund administrators,” adds Hughes.
 
Tony Salewski, Managing Director of Genstar Capital, says: “We are excited to continue supporting Apex’s growth trajectory through the acquisition of this high-quality business. AFS expands Apex’s sophisticated private equity and real estate servicing offering, and adds complementary banking products to Apex’s global client base. The combination yields benefits to the clients of both Apex and AFS.”
 
“A key goal with this transaction was to find a partner that will continue to deliver high quality services to our Alternative Fund Services clients. We feel we have achieved our objective with Apex, with whom Deutsche Bank is looking forward to working closely over the coming months,” says Satvinder Singh, Global Head of Securities Services at Deutsche Bank.
 
Macquarie Capital acted as exclusive financial advisor and Willkie Farr & Gallagher provided legal counsel to Genstar and Apex. Deutsche Bank acted as financial advisor and Freshfields, Bruckhaus Deringer provided legal counsel to Deutsche Bank.

offDeals and TransactionsAcquisitionsServicesFund administration

Apex Fund Services to acquire Deutsche Bank’s Alternative Fund Services business

Hedgeweek Features - Fri, 10/20/2017 - 06:03

Apex Group’s Apex Fund Services is to acquire Deutsche Bank’s Alternative Fund Services (AFS) business, a deal that will add USD170 billion in AUA and make Apex the eighth largest fund administrator in the world, and the largest independent administrator.

The deal reveals the rapid expansion of Apex since the company was recapitalised by Genstar Capital and simultaneously acquired Equinoxe Alternative Investment Services. The purchase of the AFS business is the most recent significant step in Apex’s movement towards its stated goal of being a top five global fund services business.
 
Apex’s global reach and connected operating model opens up an additional 18 investment jurisdictions to AFS clients, with local expertise available through the Apex network of offices. The combination of AFS and Apex will also enable a broader range of products and services to be offered to clients. Apex’s local service delivery model, coupled with AFS’ management, staff and platform, will ensure client service continues at the highest level. It is this service model and the global network of offices that has enabled Apex to achieve one of the fastest organic growth rates in the sector. Terms of the agreement are not being disclosed. The transaction is expected to close in the second quarter 2018.
 
“This is another significant step in the evolution of the Apex Group. This transaction complements the existing Apex business and further strengthens our position as the leading independent provider of fund services globally,” says Peter Hughes (pictured), Founder and CEO at Apex. “This acquisition is consistent with Apex’s ongoing commitment to continued strategic investments and to developing our product offering to become the most complete partner in the sector.”
 
“The Apex team is working closely with Deutsche Bank to ensure a seamless transition and we are committed to providing our new customers with the same high level of service our current Apex customers have come to expect and delivering additional and tailored services to the AFS clients. Apex’s philosophy for delivering tailored and client-centric service on a local level remains the same. We are delighted to welcome the AFS management and staff to Apex and look forward to continuing to develop our global team as we step closer to our target of becoming one of the world’s top five largest fund administrators,” adds Hughes.
 
Tony Salewski, Managing Director of Genstar Capital, says: “We are excited to continue supporting Apex’s growth trajectory through the acquisition of this high-quality business. AFS expands Apex’s sophisticated private equity and real estate servicing offering, and adds complementary banking products to Apex’s global client base. The combination yields benefits to the clients of both Apex and AFS.”
 
“A key goal with this transaction was to find a partner that will continue to deliver high quality services to our Alternative Fund Services clients. We feel we have achieved our objective with Apex, with whom Deutsche Bank is looking forward to working closely over the coming months,” says Satvinder Singh, Global Head of Securities Services at Deutsche Bank.
 
Macquarie Capital acted as exclusive financial advisor and Willkie Farr & Gallagher provided legal counsel to Genstar and Apex. Deutsche Bank acted as financial advisor and Freshfields, Bruckhaus Deringer provided legal counsel to Deutsche Bank.

offDeals and TransactionsAcquisitionsServicesFund administration

Former Rio Tinto CFO Elliott resigns from Britain's Takeover Panel

Reuters Business News - Fri, 10/20/2017 - 05:31
LONDON (Reuters) - Former Rio Tinto chief financial officer Guy Elliott has stepped down from Britain's Takeover Panel following fraud charges brought by the U.S. Securities and Exchange Commission (SEC) related to his time at the miner.
Categories: Reuters

U.S. tax reform move boosts dollar, stocks, bond yields

Reuters Business News - Fri, 10/20/2017 - 05:02
LONDON (Reuters) - European stocks, the dollar and bond yields climbed on Friday as investors speculated on the return of the "Trumpflation trade", after the U.S. Senate approved a budget blueprint that paves the way for tax cuts.
Categories: Reuters

UK business minister travels to Canada for talks on Bombardier deal

Reuters Business News - Fri, 10/20/2017 - 04:55
LONDON (Reuters) - British Business Secretary Greg Clark will hold talks in Canada on Friday to discuss Airbus SE's plans to buy a majority stake in Bombardier's C-Series jetliner program aimed at helping it avoid high U.S. import tariffs.
Categories: Reuters

Singapore Airlines to finalize $13.8 billion Boeing order next week

Reuters Business News - Fri, 10/20/2017 - 03:04
SINGAPORE (Reuters) - Singapore Airlines Ltd said on Friday it will finalize an order for 39 Boeing Co aircraft worth $13.8 billion at list prices when Singaporean Prime Minister Lee Hsien Loong visits Washington D.C. next week.
Categories: Reuters

JonesTrading appoints head of capital introduction

Hedgeweek Features - Fri, 10/20/2017 - 03:00

JonesTrading Institutional Services has appointed Bob Becker as a Managing Director, Head of Capital Introduction based in New York.

In this role, Becker (pictured), will be responsible for building the firm’s Capital Introduction offering – the focus will be on alternative investment managers, institutional investors, and family offices. Becker has held similar senior roles at other firms including Jefferies. He has also previously worked in the outsourced COO/CFO industry and on the buyside including launching and managing his own hedge fund.
 
JonesTrading is a relatively new but rapidly growing player in the Outsourced Trading and Prime Services businesses after recruiting industry veterans Jeff LeVeen (KCG/CITI) and Andrew Volz (Wells Fargo/Merlin Securities) to lead the offerings. 
 
Alan Hill, CEO of JonesTrading, says: “Bob’s appointment is the next key step in our strategic plan to build our leading institutional brokerage platform offerings in prime services and global outsourced trading. Bob’s extensive network and experience in capital introductions adds tremendous value to our existing services. His experience will complement our approach in prime and outsourced trading for our emerging and mid-sized manager client base.”

Becker, Managing Director and Head of Capital Introduction, says: “JonesTrading is the perfect platform for my background and relationships. Given the long history of the firm and the quality and diversity of the current client base we can identify relevant managers and investors efficiently, while adding value to both.”

offMoves & Appointments

JonesTrading appoints head of capital introduction

Hedgeweek Special Reports - Fri, 10/20/2017 - 03:00

JonesTrading Institutional Services has appointed Bob Becker as a Managing Director, Head of Capital Introduction based in New York.

In this role, Becker (pictured), will be responsible for building the firm’s Capital Introduction offering – the focus will be on alternative investment managers, institutional investors, and family offices. Becker has held similar senior roles at other firms including Jefferies. He has also previously worked in the outsourced COO/CFO industry and on the buyside including launching and managing his own hedge fund.
 
JonesTrading is a relatively new but rapidly growing player in the Outsourced Trading and Prime Services businesses after recruiting industry veterans Jeff LeVeen (KCG/CITI) and Andrew Volz (Wells Fargo/Merlin Securities) to lead the offerings. 
 
Alan Hill, CEO of JonesTrading, says: “Bob’s appointment is the next key step in our strategic plan to build our leading institutional brokerage platform offerings in prime services and global outsourced trading. Bob’s extensive network and experience in capital introductions adds tremendous value to our existing services. His experience will complement our approach in prime and outsourced trading for our emerging and mid-sized manager client base.”

Becker, Managing Director and Head of Capital Introduction, says: “JonesTrading is the perfect platform for my background and relationships. Given the long history of the firm and the quality and diversity of the current client base we can identify relevant managers and investors efficiently, while adding value to both.”

offMoves & Appointments

JonesTrading appoints head of capital introduction

Hedgeweek News - Fri, 10/20/2017 - 03:00

JonesTrading Institutional Services has appointed Bob Becker as a Managing Director, Head of Capital Introduction based in New York.

In this role, Becker (pictured), will be responsible for building the firm’s Capital Introduction offering – the focus will be on alternative investment managers, institutional investors, and family offices. Becker has held similar senior roles at other firms including Jefferies. He has also previously worked in the outsourced COO/CFO industry and on the buyside including launching and managing his own hedge fund.
 
JonesTrading is a relatively new but rapidly growing player in the Outsourced Trading and Prime Services businesses after recruiting industry veterans Jeff LeVeen (KCG/CITI) and Andrew Volz (Wells Fargo/Merlin Securities) to lead the offerings. 
 
Alan Hill, CEO of JonesTrading, says: “Bob’s appointment is the next key step in our strategic plan to build our leading institutional brokerage platform offerings in prime services and global outsourced trading. Bob’s extensive network and experience in capital introductions adds tremendous value to our existing services. His experience will complement our approach in prime and outsourced trading for our emerging and mid-sized manager client base.”

Becker, Managing Director and Head of Capital Introduction, says: “JonesTrading is the perfect platform for my background and relationships. Given the long history of the firm and the quality and diversity of the current client base we can identify relevant managers and investors efficiently, while adding value to both.”

offMoves & Appointments

JonesTrading appoints head of capital introduction

Hedgeweek Jobs - Fri, 10/20/2017 - 03:00

JonesTrading Institutional Services has appointed Bob Becker as a Managing Director, Head of Capital Introduction based in New York.

In this role, Becker (pictured), will be responsible for building the firm’s Capital Introduction offering – the focus will be on alternative investment managers, institutional investors, and family offices. Becker has held similar senior roles at other firms including Jefferies. He has also previously worked in the outsourced COO/CFO industry and on the buyside including launching and managing his own hedge fund.
 
JonesTrading is a relatively new but rapidly growing player in the Outsourced Trading and Prime Services businesses after recruiting industry veterans Jeff LeVeen (KCG/CITI) and Andrew Volz (Wells Fargo/Merlin Securities) to lead the offerings. 
 
Alan Hill, CEO of JonesTrading, says: “Bob’s appointment is the next key step in our strategic plan to build our leading institutional brokerage platform offerings in prime services and global outsourced trading. Bob’s extensive network and experience in capital introductions adds tremendous value to our existing services. His experience will complement our approach in prime and outsourced trading for our emerging and mid-sized manager client base.”

Becker, Managing Director and Head of Capital Introduction, says: “JonesTrading is the perfect platform for my background and relationships. Given the long history of the firm and the quality and diversity of the current client base we can identify relevant managers and investors efficiently, while adding value to both.”

offMoves & Appointments

JonesTrading appoints head of capital introduction

Hedgeweek Interviews - Fri, 10/20/2017 - 03:00

JonesTrading Institutional Services has appointed Bob Becker as a Managing Director, Head of Capital Introduction based in New York.

In this role, Becker (pictured), will be responsible for building the firm’s Capital Introduction offering – the focus will be on alternative investment managers, institutional investors, and family offices. Becker has held similar senior roles at other firms including Jefferies. He has also previously worked in the outsourced COO/CFO industry and on the buyside including launching and managing his own hedge fund.
 
JonesTrading is a relatively new but rapidly growing player in the Outsourced Trading and Prime Services businesses after recruiting industry veterans Jeff LeVeen (KCG/CITI) and Andrew Volz (Wells Fargo/Merlin Securities) to lead the offerings. 
 
Alan Hill, CEO of JonesTrading, says: “Bob’s appointment is the next key step in our strategic plan to build our leading institutional brokerage platform offerings in prime services and global outsourced trading. Bob’s extensive network and experience in capital introductions adds tremendous value to our existing services. His experience will complement our approach in prime and outsourced trading for our emerging and mid-sized manager client base.”

Becker, Managing Director and Head of Capital Introduction, says: “JonesTrading is the perfect platform for my background and relationships. Given the long history of the firm and the quality and diversity of the current client base we can identify relevant managers and investors efficiently, while adding value to both.”

offMoves & Appointments

Australian car manufacturing ends as GM Holden closes plant

Reuters Business News - Fri, 10/20/2017 - 02:43
SYDNEY (Reuters) - Australia's near 100-year automotive industry ended on Friday as GM Holden Ltd, a unit of U.S. carmaker General Motors Co , closed its plant in South Australia to move manufacturing to cheaper locations.
Categories: Reuters

Asian shares, dollar gain after U.S. Senate passes budget plan

Reuters Business News - Fri, 10/20/2017 - 02:33
TOKYO (Reuters) - Asian shares and the dollar gained on Friday after the U.S. Senate approved a budget blueprint for the 2018 fiscal year that will pave the way for Republicans to pursue a tax-cut package without Democratic support.
Categories: Reuters

In Kuroda's face - researchers find ways to predict central bank changes

Reuters Business News - Fri, 10/20/2017 - 02:28
TOKYO (Reuters) - For decades, economists have tried to guess central bank policy direction by studying subtle changes in official language -- now, researchers are finding new clues on policy, not in the words of central banker but in their faces.
Categories: Reuters

Kobe Steel data fabrication continued after misconduct discovered: Nikkei

Reuters Business News - Fri, 10/20/2017 - 02:02
TOKYO (Reuters) - Data fabrication at Kobe Steel Ltd continued at its aluminum and steel unit after an internal investigation discovered the misconduct, the Nikkei newspaper reported on Friday.
Categories: Reuters

Nissan's inappropriate inspections started at least 20 years ago: NHK

Reuters Business News - Thu, 10/19/2017 - 23:31
TOKYO (Reuters) - Inappropriate inspection practices at Nissan Motor Co Ltd had been going for at least 20 years, Japanese national broadcaster NHK reported on Friday, in a new revelation that could further roil Japan's second-biggest automaker.
Categories: Reuters

Imprimis Pharma to take on Allergan's Restasis with cheaper product

Reuters Business News - Thu, 10/19/2017 - 23:29
(Reuters) - Shares of Imprimis Pharmaceuticals Inc sky-rocketed as much as 91 percent on Thursday, after the company said it would launch a cheaper alternative to Allergan Plc's controversial dry eye drug, Restasis, by next month.
Categories: Reuters

Taser maker Axon says SEC is reviewing its financial reports

Reuters Business News - Thu, 10/19/2017 - 23:10
(Reuters) - The U.S. Securities and Exchange Commission is reviewing the financial filings of Axon Enterprise Inc , the manufacturer of Taser stun guns, requesting detailed information on the company’s returns, the company disclosed on its website on Thursday.
Categories: Reuters

HFR: Hedge Fund Industry Assets Hit Record $3.15T In Third Quarter

FINalternatives - Thu, 10/19/2017 - 23:05

Eleven consecutive months of gains and net capital inflows have enabled hedge fund industry assets to hit a record $3.15 trillion in the third quarter, according to new data from Hedge Fund Research.

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Exclusive: Tech companies to lobby for immigrant 'Dreamers' to remain in U.S.

Reuters Business News - Thu, 10/19/2017 - 23:00
SAN FRANCISCO (Reuters) - Nearly two dozen major companies in technology and other industries are planning to launch a coalition to demand legislation that would allow young, illegal immigrants a path to permanent residency, according to documents seen by Reuters.
Categories: Reuters
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