Apex Group secures GIFT City license
Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, today announces that it is one of the first global fund administrators to receive regulatory approval to operate in India’s Gujarat International Finance Tec-City (“GIFT City”) International Financial Centre.
GIFT City is a planned International Financial Service Centre (“IFSC”), which is being developed as a global financial and IT services hub, the first of its kind in India. It is designed to be aligned with, or exceed, the benchmarks and standards of other financial jurisdictions globally. This is a significant statement of intent, designed to seize the opportunity to position India as the next leading IFSC and as challenger to existing established jurisdictions worldwide.
This announcement signals further growth for Apex’s India business and follows the recent opening of Apex’s third Indian location in Mumbai. With this latest regulatory approval, Apex will open a GIFT City location, from which it will offer fund administration services and will work with regulators to deliver Apex’s full single source solution, including aviation leasing and ManCo services. Apex is currently in advanced discussions with many global funds and other clients seeking to setup their funds in GIFT City.
Founded in 2008, Apex India offers an efficient and flexible approach to fund services underpinned by best-in-class technology platforms, adapted to meet the specific requirements of each individual client. Apex’s India operation has evolved and expanded in line with the Group’s global growth trajectory, now servicing 175 Indian funds and $20bn in AuA across India, Singapore and Mauritius from its three existing local offices in Pune, Bangalore and Mumbai.
Since 2019, the employee footprint in India has grown by 400%, creating over 1,100 new jobs during the Covid-19 pandemic and reaching the milestone of 1,500 employees. With today’s announcement, the Group remains committed to expanding its successful local Indian offices and is expecting to hire an additional 1,200 people by the end of 2022 to support ongoing growth. For more information regarding open vacancies at Apex, please visit: https://www.theapexgroup.com/careers/
Mandar Mhatre, Regional Managing Director, India at Apex Group comments: “We are delighted to receive regulatory approval and are excited to begin plans to establish our GIFT City presence. GIFT City represents an exciting growth opportunity for India, both domestically, and by connecting Indian capital to other international financial centres. Over the coming years, we expect GIFT City to facilitate the increased re-domicilation of feeder funds from offshore to onshore structures and will create further opportunities for our Capital Markets clients, including those active in aircraft finance. We look forward to providing support and services from our planned GIFT City operations to enable the success of our current and future clients.”