Apex Group to acquire Fund Admin Chain.

Apex Group, a global financial services provider, agreed to acquire Fund Admin Chain, a distributed ledger-based network for launching, distributing, trading and settling collective investment funds. Financial terms were not disclosed. "Recent developments in Distributed Ledger Technology and Digital Asset Tokenisation are driving significant transformation within the asset management industry. Our majority shareholding of FAC will allow us to harness the potential of these new technologies, and drive the adoption of tokenised funds, and improved ways of launching, distributing, trading and settling funds for our clients. This investment further demonstrates our focus on delivering an ever-evolving single-source solution, underpinned by innovative, flexible and best-in-class technology," Peter Hughes, Apex Group Founder and CEO.