Genstar Capital-backed Apex Group to acquire the fund admin business of Banco Modal.

Genstar Capital-backed Apex Group, a global financial services provider, agreed to acquire the fund admin business of Banco Modal, an investment banking firm. Financial terms were not disclosed. "There is a significant opportunity in the LatAm market and we have been looking for the right business in Brazil to complement our global service model. MAF is well established in the Brazil fund administration market and is a strong addition to our business, expanding the reach of our single-source model across the Americas and also giving our existing clients direct access to the Brazil market," Peter Hughes, Apex Group Founder and CEO.