Apex Group Ltd. (“Apex Group” or “The Group”), a global financial services provider, today announces that Eskom Pension and Provident Fund (“EPPF”) has appointed Apex Group to provide full portfolio management platform and investment fund administration services for a period of five years, following a rigorous and comprehensive process.
The EPPF, South Africa’s second-largest retirement fund with over R169 billion of assets under management (as at June 30, 2022), issued the tender invitation last year and received responses from top local and global banks and fund administrators. The tender included the provision of both an investment fund administration and portfolio management platform, where Apex Group provides a market leading solution to its client base.
Apex Group also rated positively for its end-to-end ecosystem which allows it to automate the full trading lifecycle from order management to fund reporting; as well as its depth and breadth of services and proven track record of delivery of investment fund administration services to the EPPF over the past eight years. Additional considerations included Apex Group’s Level 1 B-BBEE rating, its commitment to South Africa and other African countries, and its ongoing contribution to the Youth Employment Service programme, an initiative designed to boost much-needed jobs for the youth of South Africa.
Using a third-party administrator aligns EPPF with global best practice, enabling the fund to continue to obtain independent administration, independent valuation, a reduced technology investment, mitigate operational risk, and access a platform for product construction, growth, and innovation.
Apex Group will provide EPPF with an extensive front- and middle-office offering including:
- Portfolio construction and rebalancing
- Portfolio management
- Digitised order management
- Pre- and post-trade compliance
- Real-time sell-side integration
- Portfolio administration
- Multi-manager fund administration
- Fund reporting
Apex Group has recently entered the South Africa market via the acquisitions of Maitland and Sanne Group. Apex Group now offers its single-source solution to South African investors including ESG Reporting & Advisory and Digital Banking, delivered by a local team of over 1,000 experts.
Shafeeq Abrahams, CEO of the EPPF, said that Maitland (now part of Apex Group) had become a valued business partner over the last number of years. “It was important for us to build on that relationship. Apex Group understands how important all our stakeholders are in the process and have given us a comprehensive solution which is ultimately to the benefit of our members.”
Commenting on the selection, Alan Keet, Regional Head, Middle East & Africa at Apex Group further adds: “We are delighted that the EPPF has chosen to retain Apex Group as their service provider of choice. A deal of this magnitude is testament to our strategic efforts and investment in our people, processes, and leading technology solution over long periods. We know we are able to deliver services at high levels of automation and ultimately precision, at fees that are in the best interests of the EPPF members.”
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices worldwide and 12,000 employees in 38 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 services, digital onboarding and bank accounts, depositary, custody, super ManCo services, corporate services including HR and Payroll 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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About the EPPF
The Eskom Pension and Provident Fund (EPPF) provides retirement fund administration services for the members of the EPPF.
The membership of the EPPF comprises in-service members, deferred members, and pensioners and their beneficiaries. In-service members join the EPPF as part of the conditions of service of their participating employers and proceed to become deferred members or pensioners during various life stages.