Apex Group acquires majority stake in Fund Admin Chain
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Apex Group acquires majority stake in Fund Admin Chain 15 March 2022Global Reporter: Carmella Haswell
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Apex Group has announced the expansion of its digital assets capabilities with the acquisition of a majority stake in Fund Admin Chain (FAC).
The FAC is a distributed ledger-based network for launching, distributing, trading and settling collective investment funds. It is designed to connect fund investors, fund managers and their service providers in a digital distributed ecosystem.
Apex’s position as majority shareholder is expected to accelerate the adoption of the FAC technologies and set a global standard for the tokenisation of funds.
This technology will enable funds to be launched and distributed faster and more cheaply, as well as facilitating trading of tokenised funds on secondary decentralised finance markets.
The FAC has also extended its roadmap to deliver and operate a regulated exchange for digital funds.
Peter Hughes, founder and CEO of Apex Group, comments: “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, drive the adoption of tokenised funds and improve ways of launching, distributing, trading and settling funds for our clients. This investment demonstrates our focus on delivering an ever-evolving single-source solution, underpinned by innovative and flexible technology.”
Brian McNulty, CEO at FAC adds: “As a global financial services provider, Apex is positioned to leverage new technologies to offer clients more flexible and efficient fund services. We see their investment in FAC as an exciting opportunity to collectively shape the future of the funds industry.”
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