Global financial services provider Apex Group (Apex) has been appointed by Toronto investment firm Barometer Capital Management (Barometer Capital) to provide administration services for its global music royalty fund.
Barometer Capital has partnered with the Kilometre Music Group (Kilometre), a music rights management company, to launch the fund.
The strategy is a limited partnership with a targeted size of $200 million that will invest in a diversified portfolio of music copyrights. It will seek to generate income and capital gains by acquiring catalogues of high quality, globally successful, enduring music copyrights and royalty streams with a focus on Canadian creators.
John Bohan, co-founder and country head business development (Ireland) at Apex Group said: “Music royalties are undoubtedly considered one of the most attractive and fast-growing alternative assets for 2021 as investors seek non-equity correlated returns during ongoing market volatility. By providing robust and reliable fund administration and transfer agency services, we will support Barometer Global Music Royalty Fund LP throughout its lifecycle, allowing Kilometre’s impressive management team to focus on securing a high-quality pipeline of proprietary opportunities and ultimately to generate predictable, stable cash flow to its investors.”
Greg Guichon, chairman at Barometer added: “Recorded music is currently generating double digit revenue growth, with streaming expected to drive a twofold increase in total music royalty revenues over the next decade. By outsourcing fund administration and transfer agency requirements to a reliable third party, we are able to focus on the job at hand. We are delighted to be working with Apex and have been impressed by their international expertise, adaptability and flexible approach to structuring solutions to meet the specific requirements of our fund.”
Apex was established in Bermuda in 2003 and delivers an extensive range of services to asset managers, capital markets, private clients and family offices. It has 45 offices worldwide alongside 4,000 employees.
Barometer Capital Management was created by its founding partners in 2006, and currently consists of a team with more than 50 individuals covering investor relations, portfolio management, research, compliance, risk management and more. It has over $1 billion in assets.