Apex Group plans to hire more than 500 new fund services experts in Johannesburg this year in order to better service its growing global client base of asset managers, capital markets, private clients and family offices.
Asked if this hiring plan was related to the much-discussed industry challenge of attracting new staff in Luxembourg, an Apex spokesperson said South Africa was seen as an “onshore” hiring opportunity following the acquisitions of Sanne and Maitland in 2022.
“While not specifically related to talent challenges in other jurisdictions such as Luxembourg, we see an opportunity to ‘onshore’ jobs in South Africa for servicing both local and international clients, especially as we see others in the industry offshoring jobs to other jurisdictions,” said Antonia Powell, Apex’s head of media relations.
Maitland deal closed
The firm on Monday said it has completed its acquisition of Maitland International’s fund services and third-party management company operations. This acquisition was first announced last May and will add some 570 people to Apex’s global workforce of nearly 10.000 people in 50 countries.
Maitland’s fund services now include administration, transfer agency and management company services for 120 direct investment managers and 25 fund sponsors, totalling over 200 billion dollars in assets under administration and 17 billion dollars in assets under management.
The Maitland acquisition expands its presence in the UK, Guernsey, Luxembourg and South Africa. In South Africa, where Maitland recently established a footprint, the business will be integrated with that of Sanne Group, which also was acquired by Apex last year. The firm said this will double its headcount in South Africa to approximately 1,000 people. A further 500 new hires are expected to be added there this year.
Sasol Place in Sandton
In Johannesburg’s Sandton business district, Apex will be based at state-of-the-art offices in the Sasol Place Building, which reflects the Group’s corporate purpose as a carbon neutral business and is rated a 5 Star Green Star Design V1 development by As Built.
“We are excited to build multiple strategic hubs in South Africa to access the abundant pools of talent that we need to support both our South Africa and global client bases, enabling them to concentrate on their core focus of generating returns,” said Peter Hughes, founder and CEO of Apex Group, in a statement.
“We look forward to welcoming our new colleagues who will deliver the Group’s agile single-source solution through our global reach, underpinned by a commitment to exceptional client service.”
Terms undisclosed
“We are pleased to announce the successful close of the sale of the fund services and Manco business operations to the global Apex Group, where our talented people and valued clients will continue to thrive and prosper. Following this transaction Maitland ceases to provide fund ManCo services,” said Steven Georgala, CEO, Maitland.
Terms of the transaction are undisclosed. Macquarie acted as financial advisor and Kirkland & Ellis served as legal counsel to Apex Group. Nomura served as financial advisor and McDermott, Will & Emery acted as legal counsel to Maitland.