Apex Fund Services, a Bermudian alternatives specialist, launched its Irish operations in Cork last month. The Irish office will be involved in fund administration, transfer agency and corporate secretarial services for hedge funds and private equity funds.
Apex is the first fund administration services firm to directly open its Irish operations in Cork. With its parent company in Bermuda, the companyofficially launched its Cork operations on July 30th with six employees. 'We will be competing on the same playing field as Citco and Bank of New York in Cork, with top tier systems and web reporting capabilities. We are the first fund administrator to bypass Dublin and locate directly in Cork. Decentralisation is nothing new in the funds market in Ireland but our move to Midleton is a reflection on quality and lifestyle - superior service for clients and superior working conditions for staff,' said John Bohan, managing director of Apex Fund Services (Ireland) Limited.
Apex Fund Services (Ireland) Limited was approved by IFSRA on July 30th, and has plans to expand its operations in Ireland significantly, according to Bohan. 'We will be employing up to 40 staff in the Midleton, Co Cork area within the next two years,' he said.
Apex Fund Services currently has operations in Dubai (where it was the first firm to be approved as an administrator), Mauritius, Bermuda and now Ireland. There are also plans for offices in Singapore, Hong Kong and Malta. Apex has over $6 billion in assets under administration and has seen strong growth over the last four years, since its inception in Bermuda.