Genstar-backed Apex snaps up Darwin Depositary Services

• Darwin services clients based in the Netherlands and outside the EU including hedge funds, real estate, debt and private equity funds
• Apex provides depositary services to a range of regulated fund types
• The acquisition of Darwin expands Apex’s geographical scope with the group now able to deliver depositary services across Europe

Genstar-backed Apex Group announced on Thursday that it has completed the acquisition of Darwin Depositary Services. Darwin is an Amsterdam-based provider of depositary services to alternative investment funds. The company works with clients in the Netherlands and outside the EU including hedge funds, real estate, debt and private equity funds. The acquisition adds €4.5 billion of assets under depositary to Apex Group.

Apex Group is a Hamilton, Bermuda-headquartered global financial services provider with over 80 offices in 40 countries worldwide and more than 10,000 employees servicing around $3 trillion in assets across administration, depositary, custody and under management. The purchase of Darwin expands the geographical scope of the group with it now able to deliver services across Luxembourg, Ireland, UK, Sweden, Denmark and the Netherlands through its subsidiary European Depositary Bank and specialist local entities.

“This strategic addition is an important step in evolving and strengthening our depositary offering for small and mid-sized clients in the Netherlands, EU and beyond,” said Peter Hughes, founder and CEO of Apex Group.

The deal for Darwin follows on from Apex’s recent additions of venture fund administrator Mainspring and global provider of alternative asset and corporate services Sanne Group.

Genstar Capital is headquartered in San Francisco with approximately $35 billion in assets under management. It has been investing in businesses for over 30 years. Its investment focus is on financial services, industrials, healthcare, and software.