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Apex, Genstar purchase hedge fund administrator Custom House

Fund administrator Apex Group Ltd. and private equity firm Genstar Capital LLC purchased global hedge fund administrator Custom House for an undisclosed sum.

The acquisition adds $24 billion in assets under administration to Apex's portfolio and increases the hedge fund services division's presence in Asia and Europe.

The transaction is expected to close at the end of the fourth quarter, subject to customary closing conditions.

As a result of the deal, CEO Mark Hedderman is leaving Custom House to pursue new opportunities.

Willkie Farr & Gallagher LLP served as legal adviser to Apex on the deal.