Apex Group Ltd., a global financial services provider, has bought Bank of America Custodial Services (Ireland) Limited, the Irish depositary business of Bank of America.
BACSIL is a depositary service for onshore and offshore funds servicing a range of blue-chip clients consisting of UCITS (undertakings for collective investment in transferable securities), alternative investment funds and offshore depo-lite fund structures. The BACSIL business, based in Dublin, Ireland, offers depositary services to client assets of $71.4 billion. As part of Apex Group, BACSIL’s clients look to benefit from a single relationship with a global service partner across the full value chain of their business. Apex Group will acquire BACSIL through its subsidiary, European Depositary Bank. BACSIL’s team will join Apex Group in Dublin.
“The addition of BACSIL continues our strategic priority of strengthening the local delivery of our independent depositary services in Europe,” states Peter Hughes, founder and CEO of Apex Group. “BACSIL’s clients will continue to receive all the existing solutions they require and a continuity of service, while also benefitting from access to our full range of global solutions.”
Kirkland & Ellis LLP and Arthur Cox LLP served as legal counsel to Apex Group, Macquarie Capital acted as financial advisor.