Global financial services provider, Apex Group, has successfully acquired Boutique Collective Investments (BCI) and Boutique Investment Partners (BIP) in South Africa, marking a strategic move to strengthen its presence in the region.
Key Details:
- BCI and BIP Profile:
- BCI operates as a collective investments scheme manager (ManCo) with a primary focus on third-party branded portfolios.
- BIP serves as an independent investment management and consulting firm, offering multi-manager and consulting services to prominent South African independent financial advisors and their retail and institutional clients.
- Apex Group’s CEO Statement:
- Peter Hughes, Founder and CEO of the Apex Group, expressed satisfaction in welcoming BCI and BIP into the Apex Group fold in South Africa. This acquisition underscores their dedication to establishing strategic hubs in the region, tapping into the wealth of talent essential to support their South African and global clientele.
- Operational Integration:
- BCI will now operate as an Apex Group entity alongside the existing FundRock brand, which provides ManCo services. This move is set to streamline operations for over 1,200 funds, boasting a total of €221 billion in assets under management across 14 countries, in a cost-effective manner.
- Expansion of African Footprint:
- The addition of BCI and BIP further bolsters Apex Group’s presence in Africa, following earlier acquisitions of Sanne Group and Maitland. This emphasizes the group’s commitment to the region and expansion of local operations.
- Added Assets and Workforce:
- The strategic acquisition brings in approximately $19 billion of Assets under Administration (AuA) and integrates around 50 new employees into Apex Group’s existing platform in South Africa. The group already employs over 1,200 professionals across offices in Cape Town and Johannesburg, serving 140 clients with assets totaling about $130 billion (ZAR 2.5 trillion).
- Enhanced Service Offering:
- BCI and BIP clients will now gain access to Apex Group’s comprehensive single-source solution. This encompasses a wide array of services covering the entire value chain of their business through a convenient and efficient relationship.
Conclusion: Apex Group’s acquisition of BCI and BIP in South Africa signifies a strategic move to fortify its presence in the region’s financial services landscape. The integration of these entities will not only expand Apex’s service offerings but also enhance its capabilities to meet the evolving needs of its diverse clientele.
