25 January 2013

Apex Fund Services Opens New Office in Montevideo, Uruguay

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."

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 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. 

Source: Apex Fund Services