Apex Fund Services Ltd (Bermuda and ultimate parent)

Group Managing Director		Peter Hughes Peter is the Managing Director of Apex Fund Services Ltd., and founder of the company. In 1991 he received a BSc (hons) in Economics from Bristol University in England.  Peter qualified as a chartered accountant in 1994 and is a fellow of the Institute of Chartered Accountants in England in Wales. Between 2000 and 2003 he was Chief Financial Officer of FMG Fund Managers Limited. During 1999 he was a financial analyst with Cazenove Fund Management in London and prior to this, a Group Manager with Hemisphere Management Limited in Bermuda.
About Apex Bermuda:	Apex fund services commenced operations in September 2003. There are currently 26 staff located in the office in Hamilton, Bermuda.
Regulatory Environment:	Apex is regulated by the Bermuda Monetary Authority to act as an administrator in Bermuda. Regulation of business is maintained through the Exchange Control Act 1972 and the Companies Act 1981 for all companies and through the Insurance Act 1978 for insurance companies. The Bermuda Monetary Authority and the Minister of Finance review all applications for incorporation and place particular emphasis on the bona fides of the beneficial owners. The Exchange Control Act 1972 and the Regulations made thereunder establish exchange controls for local companies. Generally, exempted undertakings (exempted companies, permit companies, exempted partnerships, and exempted unit trust schemes) are designated as nonresident for exchange control purposes (i.e., not subject to exchange control) and may conduct their business in any currency other than Bermudian dollars. The Bermuda Monetary Authority through the Controller of Foreign Exchange examines on a strictly confidential basis the proposed beneficial ownership of all exempted undertakings and any change in such beneficial ownership. Approval by the Bermuda Monetary Authority is required for any change in beneficial ownership. The Bermuda Monetary Authority has the following responsibilities. To supervise, regulate and inspect any financial institution that operates in or from within Bermuda. To promote the financial stability and soundness of any financial institution. To supervise, regulate or approve the issue of financial instruments by any financial institution. For purposes of the BMA Act the term "financial institution" includes licensed banks, deposit companies, licensed trust companies, the Bermuda Stock Exchange, and collective investment schemes (mutual funds) competition policy.
Contact Details of Peter Hughes:	E-mail: peter@apex.bm Work phone: +441 292 2739 Mobile: +441 505 7996