Duet Group (Duet) has selected global single-source financial solutions provider, Apex Group Ltd. (Apex), to deliver full depositary and fund administration services for their liquid Africa strategies.
Duet is a global investment holding company, founded in 2002, and a controlling shareholder of multiple asset managers, including Duet Private Equity, Emerging Markets Investment Management, Duet Alternative Investments, Merit Capital, and the Group’s centralised service company Hill Street Limited. Since its inception, the firm has developed an established portfolio of products with liquid funds including Frontier Markets Equity, Multi-Strategy and Global Event Driven. The mandate is for Apex to provide full depositary and administration solutions for five master funds and five feeder funds across three structures in multiple jurisdictions including Jersey, Ireland and Cayman. Apex’s appointment will enable Duet to drive cost efficiencies through an agile service model and in turn enhance operations to support investor returns.
Henry Gabay (pictured), CEO, of Duet Group, says: “Apex demonstrated a clear understanding of our structure and requirements. Their full-service single source solution combining depositary, administration and corporate services, enables us to consolidate, drive significant efficiencies and be rid of the burden of multiple suppliers. For a large investment company like Duet, Apex’s continued focus on agility while finding its place among the largest service providers in the industry is something that stands out. The Group’s capabilities and expertise have been demonstrated by a quick and seamlessly integrated solution across multiple jurisdictions”.
David Rhydderch, Global Head of Financial Solutions, Apex Group Ltd, says: “We are delighted to have been appointed by Duet Group and look forward to a long-term partnership. Duet Group has recognised the value of the disruptive capabilities Apex is able to provide as a complete independent fund solutions provider to include banking, administration and corporate service products; and with global reach. This is a significant endorsement of services which demonstrates the advantage of one source solutions.”