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Apex Group South Africa stake acquired by BBBEE consortium

16 October 2023

Apex Group Ltd. (“Apex Group” or “the Group”), a global financial services provider, today announces the sale of a minority stake in Apex Fund Services HoldCo Pty Ltd (“Apex Group South Africa”) by Ditikeni Trust to a BBBEE-owned consortium of investors.

Apex Group in South Africa currently employs over 1,200 people across offices in Cape Town and Johannesburg, servicing 140 clients with assets of around $130bn (ZAR 2.5trn). Since 2007, Ditikeni has been the Apex Group’s BBBEE partner in South Africa, holding a stake in Apex’s South African business. Ditikeni has now sold their stake to a 100% Black owned consortium led by Mr Mcebisi Jonas (Ntiso Investment Holdings) and Ms Noluthando Gosa (Akhona Group).

Mr Mcebisi Jonas is the former Deputy Minister of Finance in South Africa. He currently serves as Chairperson of the Board of MTN Group and a Non-Executive Director on the board of various companies including, Sygnia Asset Management, Northam Platinum Holdings, Harambee amongst others. He has also served as a Presidential Investment Envoy, appointed by President Cyril Ramaphosa, to attract investment into South Africa.

Ms Noluthando Gosa, an MBA graduate of the University of New Brunswick, Canada is a former Investment Banker with Investec Bank. In 2004 she founded the Akhona Group of companies, which has over the years invested broadly in South African industry. She was appointed by the President as a Commissioner of the National Planning Commission that drafted South Africa’s economic blueprint, the National Development Plan and Vision 2030.

She serves and has served on the Boards of a number of blue-chip companies including as Independent Non-Executive Chairman of Verimark Holdings; Non-Executive Director of AON SA, Investec Asset Management (now NinetyOne), Broll Property Group as well as the Investment Committee of the National Empowerment Fund. She currently serves as a Non-Executive Director of ArcelorMittal South Africa and Bidvest International Logistics, and as an independent Non-Executive Director of MTN Group, MTN Holdings, MTN International as well as Sasfin Wealth and Asset Management. She is expected to join the local board of Apex Group in South Africa.

Peter Hughes, Founder and Chief Executive Officer of the Apex Group comments: “We would like to take this opportunity to thank Ditikeni for their support over the last 16 years, and are pleased to welcome our new investors, including Mcebisi and Noluthando to Apex Group in South Africa. We fully support this transaction and look forward to working closely with our new investors as we continue to unlock opportunities for growth and build strategic hubs in sub-Saharan Africa to access the abundant pools of talent that we need to support both our African and global client bases. We look forward to further enhancing our technology-enabled solutions to service the asset management industry across Africa.”

Noluthando Gosa further comments: “What attracted us to Apex Group is its support for South African talent, demonstrated by Peter’s vision to make the South African business a hub from which to service its clients globally, which will have a positive impact for much needed jobs in our country.”

Mcebisi Jonas adds: “We see this as a milestone entry into the financial services sector for Ntiso Investment Holdings, and we look forward to working with Peter and Apex Group, as we jointly drive meaningful growth and development in the South African financial services sector.”


Press contacts:

Apex Group: media@apexgroup.com

About Apex Group

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 97 offices worldwide and 12,000+ employees in 39 countries, Apex Group delivers an expansive range of services to asset managers, financial institutions, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund raising solutions, fund administration, digital onboarding and bank accounts, depositary, custody, super ManCo, corporate services and a pioneering ESG Ratings and Advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the Environment and Climate Change, Women’s Empowerment and Economic Independence, Education and Social Mobility.



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