Tim Parkes, ex Barclays Managing Director, has been appointed to head the new office.

APEX Fund Services provides unique systems and personal services to the private equity and hedge fund administration sector.

Currently, the firm also has offices in eight other locations worldwide, including Bermuda, Dubai, Hong Kong, Ireland, Mauritius and Singapore.

Tim Parkes, Managing Director, APEX Fund Services (Isle of Man) Ltd, commented on the announcement that:

“Setting up in the Isle of Man is a key move for APEX. We have a first class reputation with our clients and boast the world class systems and controls of a major global player in fund administration. We look forward to bringing to the Isle of Man the client service and people philosophy that ensures bespoke, relationship based customer engagement.”

Brian Donegan, Director of Foreign Direct Investment with Isle of Man Finance, added that:

“This is great news for the Isle of Man. APEX brings expertise in fund administration to the Island’s dynamic funds sector and is a perfect fit with our strategy for the industry’s long-term development."

"We expect this piece of new business to bring us one step closer to the ambitious target set by the Isle of Man Fund Management Association (FMA) of reaching US$ 150 billion assets under administration and management on the Island by 2010.”