The Apex Group, which was launched as a provider of fund administration services in Bermuda in 2003 and has more than $5bn in assets under administration, has announced the establishment of a fund administration subsidiary in Malta, Apex Fund Services (Malta).

According to online e-zine www.Hedgeweek.com, Apex Malta is planned to provide a platform for developing the group's business in the European Union and surrounding markets, and is expected to be ready to service its first funds in the near future.

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.”

Apex Malta will offer a full range of fund administration services, including online web reporting access for investors and fund managers through its ApexFundsNet platform, as well as daily, weekly or monthly fund valuations, maintenance of books and records, and the preparation of financial statements.