Press Releases

APEX STRENGTHENS ITS COMMITMENT TO LATAM REGION WITH OPENING OF URUGUAY OFFICE

24 January 2013

 

24 January 2013: Apex Fund Services, one of the world’s largest independent fund administration companies, announces its continued expansion into the LatAm markets with the opening of its new office in Montevideo, Uruguay.

 

This latest office opening re-affirms Apex’s commitment to LatAm where the hedge fund sector is expanding rapidly in line with the growth of the region’s economies. Investors are seeking high-quality fund managers to provide them with entry to the region and to enable them to take advantage of the trade free zones for foreign direct investment.

 

Similarly to the Apex Miami office, which opened in June 2012 and is successfully linking US managers to LatAm, Apex Uruguay will now play a key role in opening up the territory to the world’s fund managers. With operating costs for asset managers lower in Uruguay than in Brazil, outsourcing to Apex provides independence and cost savings both of which, as staffing costs grow, significantly benefit the bottom line for managers.

 

Opportunities in LatAm go beyond Brazil and Mexico. Chile has a sophisticated pension fund market and an advanced retail fund management market with local knowledge and expertise on investment within the region. Mexico has an important retail pension fund market and increasingly retail fund market. Additionally Panama is a thriving offshore jurisdiction with growing opportunities.

 

Allocations are increasing across LatAm with investors seeing relative value in Chile, Colombia, Mexico and Peru, with Brazil the fundamental growth driver for the region.

 

The opening of the Apex Uruguay office also coincides with the second anniversary of the Mercados Integrados Latinoamericanos (MILA), the regions integrated capital markets trading platform that links the stock exchanges of Chile, Colombia, Peru and shortly Mexico, Panama and Costa Rica. MILA creates greater liquidity for investors and increases the number of investment opportunities. Both of which are attracting greater foreign interest to the region.

 

Peter Hughes, Group Managing Director, Apex Fund Services Ltd., said:

 

“Apex’s total fund solutions are now available in every continent in the world. Our Global Reach, Local Presence strategy is now reaching deep into LatAm as Apex’s full range of fund products and services are made available to both local and offshore fund managers.

 

“Accuracy and trust are paramount when servicing funds. Wherever clients see the Apex logo they can be 100% certain of receiving the same high levels of reliable and personalized fund services anywhere around the world. We look forward to introducing Apex’s industry leading fund services to LatAm.”

 

Keith Mahon, Managing Director, Apex Fund Services (Uruguay) S.A., said:

 

“For local asset managers to attract capital from international institutional investors they require cost effective Order Management, Portfolio Management systems and Middle Office services as well as best practice fund administration. Apex’s arrival to Uruguay brings the potential for the phasing out of in-house accounting and reporting via Excel in favour of Apex’s transparent, cost effective and accurate technologies.

 

“Apex brings these industry leading services to LatAm fund managers and brings them a partner they can rely on to help them tap into the South American opportunity.”

Apex Fund Services Holdings Ltd.

Peter Hughes, Group Managing Director                                                               +44 7780 997609

peter@apex.bm

 

Keith Mahon, Managing Director, Apex Uruguay                                               +598 9799 0900

keith@apexfunds.uy

 

Thalius Hecksher, Global Head of Business Development                              +1 786 877 1923

Thalius@apexfunds.us

 

Mark Way, Corporate Communications                                                 +44 7786 116991

mark@apex.bm

 

 

About Apex Fund Services

Apex Fund Services is one of the world’s largest independent fund administration companies with over $23 billion of assets under administration, 28 offices and over 300 employees across the globe.

The Apex Global Network is at the heart of the Company’s strategy of being located alongside its clients. Apex is unique in its ability to reach globally, service locally and provide cross-jurisdictional solutions and best practices providing the highest levels of personalized services.

Apex provides the full suite of products and services, including fund set up, portfolio valuations, fund accounting, shareholder services, corporate secretarial services, directorships and listing sponsorship.

Apex offers a number of platforms including, US Emerging Manager platform, Bermuda Emerging Manager platform (for small or start up funds), Luxembourg SIF platform, Luxembourg UCITS platform and the Malta PIF platform.

Apex Technologies provides solutions for order management, portfolio management and performance & risk analysis through our system platforms, as well as online web reporting complimented by IT hosting solutions.