Apex Fund acquires MJ Hudson data, BPO units
LONDON, UNITED KINGDOM — Capital market corporation Apex Fund recently acquired the data & analytics and Business Process Outsourcing (BPO) units of management consultancy firm MJ Hudson.
The two units — sold off at £40 million (US$49.7 million) — will form part of Apex Group’s already established offering.
Meanwhile, MJ Hudson’s management company services in Ireland and Luxembourg — also sold to Apex — are expected to add €80 billion (US$87.3 million) in assets under management to Apex Group’s existing services.
Apex Group Founder and CEO Peter Hughes said they want to consolidate their position as “one of the largest super ManCo providers in both the Luxembourg and Irish markets, offering scalable, pan-European solutions to clients.”
“We look forward to welcoming new clients and 250 colleagues to Apex Group, which offers a secure and supportive home for their future growth and success,” he added.
MJ Hudson Chair Geoff Miller also stated that Apex “offers the right platform for our teams to continue supporting asset managers with the right resources, advice, and technology to meet their evolving outsourced service requirements.”
“We are excited by the opportunities this transaction offers for both MJ Hudson employees and our clients and look forward to beginning a new chapter as part of Apex Group.”
Several scandals have plagued MJ Hudson since late last year. In December, its Chief Financial Officer, Peter Connell, was suspended following audit adjustments related to a major contract.
Two non-executive directors resigned from the board while the firm’s shares were suspended from trading.
Meanwhile, CEO Matthew Hudson stepped down earlier this year due to a loss of “trust and confidence” from the firm’s former auditor, Ernst & Young.
The bulk of the proceeds from the deal will also go towards repaying MJ Hudson’s £33.7 million (US$41.9 million) debt to financial services company Santander UK.
