• On October 27th, Apex Group Ltd and Banco Modal S.A. announced jointly that Apex will acquire Banco Modal’s Alternative Fund Administration business in Brazil following completion of the unit’s spin-off to Banco Modal’s shareholders

• MAF is one of Brazil’s largest alternative fund administration providers with nearly BRL70 billion of assets under administration and custody, servicing some of the largest fund managers in Brazil, including leading global fund managers investing in the country

• Headquartered in Bermuda, Apex Group Ltd. is a global financial services provider and a top 10 global fund administrator, with 45 offices around the world and over 4,000 employees

• This latest acquisition brings the Apex Group to US$1 trillion of assets managed and serviced across its platform, including fund administration, custody, depositary and asset management, and a significant expansion of its franchise in Latin America