Apex Group has been appointed by Encore Capital Management to provide fund administration, investor reporting and tax services.
Encore is a vertically integrated real estate developer, operator, and institutional investment management firm, with in excess of $2bn in Assets under Management. Encore has been a longstanding tax compliance and structuring client of FTS, a tax services provider, which saw a majority shareholding acquired by Apex Group in April 2022.
With FTS becoming part of Apex Group, existing clients – such as Encore – are now benefitting from access to the Group’s global, cross-jurisdictional reach and range of additional services including fund administration, digital banking, compliance solutions and ESG Ratings and Advisory.
Apex was appointed by Encore due to its ability to offer both tax fund administration services through one relationship, underpinned by its functional and real estate industry experience and technology solutions. This announcement follows a period of accelerated new business growth for Apex’s Americas business, with Real Estate client wins including American Ventures Partners, RailField Partners and Midtown Capital Partners.
Fund Administration services form an integral part of Apex’s single-source solution, which, according to a recent Total Economic Impact (TEI) report by Forrester Consulting, provides clients of Apex Group with a return on investment of 105% and cost benefits of $5.39m, with a net present value of $2.75m over a three-year period.
William McEnroe, Founder of FTS, now part of Apex Group comments: “This appointment by Encore to provide fund administration services is evidence of the strategic rationale of the acquisition of a majority shareholding in FTS by Apex Group: our clients are now able to access a full suite of services, in addition to their existing tax compliance and structuring delivered by FTS’ experienced team.”
Michael Sheahan, Global Head of Real Estate at Apex Group adds: “As the Real Estate asset class continues to see significant allocations from institutional investors, it is important that managers choose the right partners to support their administrative and operational needs as their funds scale. Apex’s single-source solution, delivered by an experienced team, offers the efficiency and convenience of both fund administration and tax services delivered via one relationship.”
John F Chiste, CFO at Encore Capital Management further adds: “We have been a satisfied client of FTS for over a decade and their acquisition by Apex Group has opened up an expanded range of new services, products and technologies to support our business. Apex’s proven track record in the real estate industry combined with their range of solutions means that they are the perfect partner for Encore’s ongoing operations.”
The main image shows Peter Hughes, Founder and CEO of Apex Group.
