Apex Group subsidiaries FundRock and LRI Invest SA (LRI) have been named as one of the leading Third Party Management Companies (ManCo) and AIFM by PwC’s 6th annual Management Company Observatory Barometer.
Jointly FundRock and LRI have been confirmed as the largest Third Party ManCo service offering in Luxembourg and were ranked as follows by PwC’s annual Management Company Observatory Barometer:
No1 in the Overall Ranking in Third Party ManCos in Luxembourg
No1 Third Party UCITS
No2 for Third Party AIF
Both FundRock and LRI ManCos form an integral part of the Apex Group’s global single-source offering across fund, financial and corporate solutions. Apex operates via these fully authorised Luxembourg based Super ManCos (both UCITS and AIFM) to structure and deliver solutions for asset managers, institutional clients, family offices and others who wish to set up their funds and distribute them to Europe.
Apex’s ManCo proposition allows asset managers to streamline their operations in a cost-effective manner by offering third party ManCo services which can be supplemented through a range of administrative, middle office, banking, depositary and custody services offered through the wider Apex Group.
This announcement follows the strong momentum of the FundRock business, following its acquisition by Apex Group Ltd. In recent months, FundRock has received regulatory approval to support third country asset managers distribute their funds to across the EU region, surpassed the milestone of EUR100 billion AUM, as well launched its French private equity and real estate AIFM which will assist international and domestic professional investors in accessing French investment vehicles.
Utz Schüller, Managing Director at LRI Invest, says: “We are delighted by this continued recognition by the industry as the leading Third Party ManCos and AIFM service offering in Luxembourg’s robust and growing sector. This latest report from PwC shows the resilience of these structures during the market challenges of the last year, and sets a positive outlook for AIFM, UCITS ManCos and Super ManCos based in the Grand Duchy, and in 2021 and beyond.”
Xavier Parain, Head of FundRock further, says: “2020 was a milestone year for FundRock and prepared the foundations for us to become part of the Apex Group in early 2021, and reach the milestone of EUR100 billion assets under service across more than 450 funds. With our new distribution capabilities and expansion into the French market, we look forward to building on our existing suite of leading ManCo solutions. Apex’s broad breadth of services and geographical presence gives us further strength and support as we continue to expand and evolve our client service offering.”
David Rhydderch, Global Head of Financial Solutions, adds: “Luxembourg remains a strategic geography for Apex, and has grown to become a cornerstone hub for our business with over 600 local employees, providing our single-source solution to European regulated funds. The addition of LRI in 2019, and the complementary acquisition of FundRock in early 2021, means that we now have a stronger suite of solutions than ever before for our funds clients – enabling them to efficiently streamline their operations, vendors and data flow.”
