Apex expands presence in India
Apex Group Ltd has acquired Best Alternative Advisory Services, an Indian-based, specialised financial services provider.
The Bermudian-based global financial services provider said the acquisition of Best will add assets under administration of $30 billion to the Apex Group and an additional 35 employees based in Mumbai, India.
Best delivers fund services tailored to both open and closed-ended fund client profiles including private equity, fund of funds, mutual funds, managed accounts and hedge funds.
The addition of Best will support current and future Apex clients looking to enter the Indian market, and for Indian domiciled funds to operate and invest internationally.
Apex said the group’s single-source solution will provide Best’s clients with global access to the widest range of high-quality services in the industry, including digital banking and a pioneering ESG ratings and advisory offering, underpinned by best-in-class technology platforms.
The acquisition of Best supplements Apex Group’s continued organic growth in India; since 2019, its employee footprint has grown 400 per cent, creating more than 1,100 new jobs during the Covid-19 pandemic.
This is the latest in a series of global acquisitions for Apex; following the recent acquisitions of Mainstream Group and MMC, Apex now operates from more than 50 offices worldwide, with more than 5,000 employees servicing $1.5 trillion in assets across administration, depositary, custody and under management — expected to rise to $2.2 trillion and 8,000 employees after the close of the planned acquisition of Sanne Group plc.
Peter Hughes, founder and CEO of Apex Group, said: “Best has demonstrated alignment with our culture and way of doing business: to build partnerships with clients to deliver a consistent and high-quality level of service, by acting as flexible extension of our clients’ own teams.
“Best’s clients will now benefit from our full-service product offering via our single-source solution, delivered by our global network of offices.”
Tasneem Jeevanjee, founder, and Sagar Desai and Amar Banga, partners, Best, said: “Apex and Best share the fundamental principles of always putting the client first and providing for them at the very highest standard, and to drive change as more than just service providers — delivering positive impacts for our clients, people, communities and planet.
“Our reputation and strong track record of providing consistent and exceptional service levels to industry leaders combined with the scale of the Apex Group creates a powerful partnership which will give Best further support to expand and evolve the business.”