Regulation prompts Deutsche fund admin arm sell-off
The German bank has sold its alternative fund services unit to Apex, a global fund administration firm
Deutsche Bank has sold its alternative fund services unit to Apex Fund Services, the third recent deal struck by the bank after a business review. “In the current regulatory environment, it was decided that the alternative fund service business was better off owned by a specialist in the industry,” a spokesman for Deutsche Bank told pfm.
Consolidation is an ‘opportunity’ for mid-size fund admins
The recent wave of sales offers the chance to attract new clients, says fund services co-chief executive
Mid-sized fund services firms are set to benefit from a trend toward using multiple firms to mitigate risk, according to one fund services executive. “Fund managers see risk as a key part of their decision-making process and are spreading their business among several fund services firms rather than having all their eggs in one basket with a bigger operator,” said Ian Hobday, co-chief executive of Professional Partners, which sold its fund services and intermediary unit to mid-size firm FundRock last week.
SANNE eyes further expansion after consolidation phase
The fund administrator will target US businesses and look opportunistically at deals in Europe
SANNE is likely to return to the acquisition trail in 2018 after spending a year consolidating its newly expanded business. The fund administrator, which snapped up a string of global rivals in 2016, has been building a pipeline of potential deals which it expects to execute next year.
iCapital Network acquires Deutsche PE platform
The investment platform has picked up a portfolio of funds worth $2.5bn from the German bank
iCapital Network, a platform which opens alternative assets to high-net-worth individuals, has acquired a portfolio of funds from Deutsche Bank. The bank’s US Private Equity Access Fund Platform has 33 funds, worth $2.5 billion, and will be managed by the platform’s manager iCapital Advisors.
Gen II eyes expansion with new Boston office
The fund administrator’s third office will be managed by a former State Street exec
Gen II has opened an office in Boston which will be led by newly appointed managing director Shaun Buckley. Buckley joins the fund administrator from State Street, where he was responsible for private equity fund administration and reporting across an institutional client base. His hire follows that of Lee Ann Kidd as director of business development in February.