Apex Fund Services, parent company of the Apex Group, has announced the set up of a fund administration subsidiary in Malta.
The new subsidiary, Apex Fund Services (Malta) Ltd, is regulated as a recognised fund administrator by the Malta Financial Services Authority under the Investment Services Act.
The Apex Group established its first independent fund administration operation in Bermuda in 2003 and has since grown into a network spanning three continents and eight jurisdictions. With over $5 billion under administration, Apex has been confirmed the second fastest growing administrator in a recent global survey of fund administrators. Apex Malta will provide a platform for developing the group’s business in the European Union and other surrounding markets.
Despite its rapid growth, the level of service given to clients has always remained the group’s priority and its business model over the last four years was one based on the use of the latest technology combined with a well-trained staff complement.
Group managing director Peter Hughes said, “Malta is the perfect fit for independent fund administrators.
“It has good quality people, embraces technology and, as a jurisdiction, has proved to be quick to respond to the challenges and opportunities in the market. Like Apex, which remains focused on being a niche administrator, Malta is also very focused in its growth strategies for financial services. We both combine flexibility with the right systems and people to deliver a sustained service at the highest level.”
Apex Malta aims to be in a position to start servicing a number of funds shortly and intends building up its portfolio as it develops the necessary infrastructure to provide a strong platform for funds aiming to access the European market.
The recruitment of high quality staff will be a priority as the company aims at developing a good working environment that goes hand in hand with a motivated workforce.
Apex Fund Services (Malta) Ltd will provide the whole range of fund administration services complete with online web reporting access for investors and fund managers through its ApexFundsNet platform (the first of its kind in Malta); independently checked daily, weekly or monthly fund valuations; maintenance of books and records and the preparation of financial statements.
Apex Malta will be able to provide a high level of service to traditional funds, fund of funds, hedge funds and private equity funds. Apex Malta will also be utilising the PFS-PAXUS accounting and shareholder services software, which is well-established and used by some of the world’s leading investment managers and fund administrators for their hedge fund accounting needs.