Apex Fund Services (Malta) will provide a platform for developing the Group's business in the European Union and surrounding markets, and is expected to begin business in the near future.

The Apex Group was established in Bermuda in 2003, but now has a presence on three continents, USD5 billion in assets under management, and has been named the second-fastest growing fund administrator in a recent global survey of fund administrators.

The Malta subsidiary is regulated as a recognised fund administrator by the Malta Financial Services Authority under the Investment Services Act.

"Malta is the perfect fit for independent fund administrators," observed managing director Peter Hughes. "It has good quality people, embraces technology and, as a jurisdiction, has proved to be quick to respond to the challenges and opportunities in the market."

"Establishing Apex Malta as a regulated entity will enhance the reputation of Apex globally," he added.

Apex Malta will provide a wide range of fund administration services to traditional funds, fund of funds, hedge funds and private equity funds, with online web reporting access for investors and fund managers through the ApexFundsNet platform, the first of its kind in Malta.