Apex Group Ltd (“Apex”), a global financial services provider, has been appointed to provide fund administration and accounting services to US Gold Opportunity Fund LP (“USGO”), a qualified opportunity fund that offers investors a simple, tax efficient, cost effective, liquid approach to investing in gold bullion.
USGO is structured as a qualified opportunity fund to provide its investors the potential tax benefits of opportunity zone legislation, while also promoting economic development in challenged communities. Unlike other gold funds, which typically store gold overseas, USGO warehouses store theirs in secure facilities located in opportunity zones in the US, and its service providers are also based in Opportunity Zones.
USGO also aims to provide institutional investors fee-based consulting services concerning their acquisition, ownership and disposition of physical gold bullion, as well as a comprehensive set of bespoke services to investment managers that intend to use gold bullion as collateral for acquiring futures contracts or other financial instruments.
Through their partnership with Apex, USGO will benefit from the flexibility, responsiveness and expertise provided by Apex’s team and underpinned by a range of ‘best in class’ technologies, a connected approach that supports all asset classes and regions through the secure transfer of data, across the entire value chain.
Apex’s fund administration services are the foundation of its single-source solution and ensure the delivery of timely, accurate and independent portfolio accounting, fund and investor reporting.
Chris Koons, Head of Mutual Fund Services at Apex Group comments: “US Gold Opportunity Fund is truly unique in their Opportunity Zone-driven strategy for gold bullion investing and storage, and we’re excited to support them as they continue to innovate and grow. By leveraging our team’s experience and our single-source fund administration services and platform, USGO will be positioned to provide its clients with more precise, transparent information whilst streamlining their operations.”
Bob Enck, President and Chief Executive Officer at US Gold Opportunity Fund, adds: “We are excited to appoint Apex as our independent fund administrator not only because their Portland, ME, office sits within an Opportunity Zone, but also because it is clear that they share our commitment to making a social impact and support our vision to fuel economic development in economically challenged communities. We have been particularly impressed by the responsiveness of their client service model and expertise of the team. We look forward to working together and the resulting efficiencies which will benefit the fund as we continue to scale”.
