Apex Group successfully completes South African acquisitions
Apex Group Ltd. (“Apex” or “the Group”), a global financial services provider, today announced the successful close of the acquisition of Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) and Boutique Investment Partners (Pty) Ltd (“BIP”).
BCI is a collective investments scheme manager (“ManCo”) with a core business focus on third-party branded portfolios. BIP is an independent investment management and consulting firm providing multi-manager and consulting services to leading South African independent financial advisors, and their retail and institutional clients.
BCI will become an Apex Group company alongside the existing FundRock brand which delivers the Group’s ManCo services, enabling more than 1,200 funds with a total of €221 billion in assets under management in 14 countries to streamline their operations in a cost-effective manner.
The additions of BCI and BIP further expand Apex Group’s African footprint following the acquisitions of Sanne Group and Maitland, reinforcing the Group’s commitment to the region and expansion of its local operations.
This strategic acquisition adds USD$19 billion of AuA and around 50 new employees to the existing Apex Group platform in South Africa which currently employs over 1,200 people across offices in Cape Town and Johannesburg, servicing 140 clients with assets of c. USD$130bn (ZAR 2.5trn).
BCI and BIP clients will now benefit from access to the Group’s global single-source solution, providing all services required across the full value chain of their business via one convenient and efficient relationship. This includes Apex Group’s Digital Banking, Fund Raising, Distribution and Administration solutions, as well as pioneering ESG Rating, Reporting and Advisory services.
This follows the recent announcement that Apex Group South Africa has sold a minority stake to a 100% Black owned consortium of investors, reaffirming the business’ commitment to unlocking opportunities for growth and to build further strategic teams in sub-Saharan Africa.
Peter Hughes, Founder and Chief Executive Officer of the Apex Group comments: “We are pleased to welcome the BCI and BIP businesses and clients to Apex Group in South Africa. This latest strategic acquisition is further evidence of our commitment to building strategic hubs in South Africa to access the abundant pools of talent that we need to support both our South African and global client bases. We look forward to further enhancing our technology-enabled solutions to service the asset management industry in South Africa.”
Heiko Weidhase, Chief Executive Officer of the Efficient Group (parent company of BCI and BIP) adds: “With BCI and BIP becoming part of Apex Group, clients will now benefit from the efficiency of a single relationship with a global service partner delivering technology-enabled solutions across the full value chain of their business. The completion of this acquisition allows us to realign our strategic focus on the continued expansion of our Wealth, Risk and Investment segments which service our growing retail client base.”
Macquarie Capital acted as financial advisors to Apex Group. The management team Efficient Group, the parent company of BCI and BIP facilitated the Acquisition on behalf of Efficient’s shareholders and were advised by Cliffe Dekker Hofmeyr Inc.
Apex Group: firstname.lastname@example.org
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.
Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) is a leading large independent Collective Investments Scheme (“CIS”) management company in South Africa. As an independent CIS manager, BCI provides own-brand and co-branded CIS portfolios to wealth managers and to its boutique partners. The business is managed by a team of experienced individuals, all of them being CIS specialists.
BCI’s core business is to support its boutique partners in growing their AuM by providing high-quality products, administration, and distribution services. Total AuA is R310 billion, spread across more than 450 CIS portfolios.
Boutique Investment Partners (Pty) Ltd (“BIP”) is an independent investment management and consulting firm that specialises in the provision of multi-manager and consulting services to leading South African independent financial advisors, and their retail and institutional clients.
BIP manages and consults on assets totalling R66 billion.
 Efficient’s Wealth, Risk and Investment cluster will retain the Efficient brand and maintain business as usual under the control of its current shareholders throughout the transaction. This cluster comprises of the following business lines; Efficient Wealth, Efficient Insure Advisory Services; Efficient Private Clients; Efficient Benefit Consulting; Efficient Board of Executors; Efficient Select; Naviga Solutions; Select Manager and Dinamika Fund Managers.