Link Asset Services, part of Link Group (ASX: LNK), today announces the sale of the majority* of its Corporate and Private Client Services (CPCS) business to Apex Group Ltd ('Apex')
The sale of CPCS which provides corporate, regulatory and trust-based services to companies and individuals is subject to regulatory approvals and completion is expected by 30 September 2019.
Anthony O'Keeffe, CEO of Link Asset Services comments: "CPCS is a robust and successful business with a stable and committed management team, talented staff and loyal clients and partners. However, the Link Group Board, after considering its broader strategy, concluded that the business would better achieve its potential under different ownership. Link Group is committed to continue to invest in our other 3 core businesses: Link Market Services, Fund Solutions and Banking & Credit Management, each of which is a leader in its own market. We are very excited about the prospect for growth in our key markets and remain fully committed to investing for that growth.
"We sell our CPCS business to Apex in excellent shape. With the trust and corporate services market undergoing change, we believe Apex has the right focus, growth trajectory and ambition to support management and fully unlock CPCS' potential."
Peter Hughes, Founder & Chief Executive Officer, Apex Group Ltd said "The acquisition of the CPCS business and Throgmorton is an exciting milestone for the Apex Group. The addition of these entities signifies an inflection point for the business, moving us from one of the world's largest fund administrators into the wider global financial services market as a complete provider delivering a full global outsourcing solution. Both the CPCS and Throgmorton teams are comprised of extremely well respected and experienced personnel that will complement our expertise across other service capabilities to complete our global financial services offering."
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