Apex acquired Ipes Group, a leading provider of fund administration and other services to the private equity sector, from Silverfleet. Financial terms were not disclosed. Peter Hughes, Founder & Chief Executive Officer, Apex Fund Services, said: "This deal marks another momentous milestone for Apex, positioning us as the fifth largest fund administrator in the world—a goal we set out to achieve over a five-year period but have achieved in just under a year. Our focused growth strategy is designed to build out the global Apex portfolio of services and increase our expert resources across key markets. Throughout this growth we remain steadfast and committed to upholding the hallmarks of the Apex brand—offering flexibility in the solutions we offer, exceptional locally delivered customer service, and wrapping that framework around best-in-class technologies."