Apex has agreed to acquire Banco Modal’s alternative fund administration business in Brazil (MAF). MAF will add 75 employees to the group, increasing its overall Americas headcount to over 400 people, while broadening its existing presence in LatAm through offices in Rio de Janeiro and São Paulo, complementing its Uruguay office, established in 2013. The MAF business adds nearly BRL70bn (c. USD12bn) in assets under administration and custody, across clients representing institutional funds (FIPs, FIDCs and FIIs) for both international and Brazilian asset managers. As part of the transaction, Banco Modal and Apex plan a strategic partnership to collaborate on the provision of depositary and banking services to Brazilian clients.
