Incorporated in 1991, ITI is one of India’s largest financial services conglomerates. ITI’s has total AUM of USD $650m+ under Mutual Fund and Alternate Investment Fund business in India.
The flagship alternate investment fund of the firm – ITI Long Short Equity AIF CAT 3, an onshore fund was launched five years ago has delivered consistent performance and touched the highest AUM of approximate INR 800 crore (USD $100 million+). With an already successful long/short strategy, ITI is ready to expand its footprint in the offshore market with launch of this new fund.
Established in the Indian market for more than 15 years, Apex Group employs over 3,500 people across multiple local offices, and services more than $50bn of assets for more than 100 Indian clients globally. In November 2021, Apex Group became one of the first global fund administrators to receive regulatory approval to operate in GIFT City to deliver its single-source solution to clients in the International Financial Centre. In addition to being one of the first providers to enter GIFT City, the Group plans to become one of the largest, expanding its presence over the coming years to build an office employing 250-300 local experts.
The ITI Long-Short Equity Offshore Fund is a GIFT City registered AIF Category III, is ITI’s maiden offshore fund, launched in 2023. The Fund aims to outperform the Nifty index over a full equity market cycle, while protecting downside during equity market downturns along the way; delivering lower volatility of performance and lowering risks for the investors.
Apex Group will support ITI with technology-enabled Fund Administration services. Fund Administration is at the core of Apex Group’s single-source solution, delivering timely, accurate and independent services, underpinned by market leading technology platforms. ITI’s partnership with Apex Group delivers the benefits of the PAXUS software platform, including increased efficiency, reduced risk of error, faster valuation, ability to support complex funds and significant cost efficiencies.
Akshay Thakurdesai, Country Head, India at Apex Group comments: “Today’s announcement further demonstrates the exciting growth opportunity with GIFT City provides for India – both for domestic investors looking to launch offshore structures, as well as by connecting India to other international financial hubs. Apex Group’s unique single-source model, available globally and delivered locally, offers a compelling and comprehensive suite of technology-enabled solutions to support the rapidly expanding GIFT City International Financial Centre. We look forward to providing further support and solutions from our GIFT City office as we continue to build a significant on-the-ground presence with plans to hire 300 talented employees to enable the success of our current and future clients.”
Ajay Vaswani, President & Chief Business Officer – Alternate Investment Funds at ITI further comments: “With India continuing to emerge as a key player in the global economy, ITI aims to capitalize on the country's growth potential by employing a dynamic investment strategy. This investment approach will enable the fund to generate risk adjusted returns, by protecting the downside during market falls and capturing the equity upside. While launching our maiden offshore vehicle, it was important to choose the right partner to support our establishment of the ITI Long-Short Equity Offshore Fund in GIFT City. We are pleased to be working with Apex Group, a global provider with a knowledgeable local team who have demonstrated a deep understanding of GIFT City and AIF fund structures.”
“Undoubtedly, GIFT City and the AIF structure offer an exciting new opportunity for India’s leading asset managers who are seeking to raise global capital. We look forward to continuing to work with Apex Group’s experienced local team in GIFT City who, with their local insights and a global outlook, have delivered an impressive quality of service and responsiveness to requests.” Adds Ajay Vaswani.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 94 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 and fund raising 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.
About The Investment Trust of India Limited
Incorporated in 1991, The Investment Trust Of India [erstwhile Fortune Financial Services (India) Limited] is one of the largest financial services conglomerate listed on the BSE & NSE. ITI Limited through its group companies is in the business of mutual fund (AMC), asset finance, used car finance, SME finance, education finance, nano finance, gold loans, institutional broking, retail broking, investment banking, insurance broking, debt securities. ITI has also promoted two AIFs - long short equity fund and venture fund. At the core, lies our belief of fostering entrepreneurial led development across India by empowering our customers in taking better decisions through trust. We are present in 160+ locations.