Apex Group, a global financial services provider, has announced the planned acquisition of Efficient Group, the holding company of Boutique Collective Investments (BCI) and Boutique Investment Partners (BIP).

Following the completion of the acquisition, Efficient Group will be rebranded under the Apex Group banner.

The Acquisition will not impact any of the Efficient Wealth, Risk and Investment clients.

Created in 2013, BCI provides an extensive range of management company services with a core business focus on third-party branded portfolios (ManCo services).

BIP is an independent investment management and consulting firm that specialises in the provision of multi-manager and consulting services to a large number of leading South African independent financial advisors, and their retail and institutional clients. This strategic acquisition adds $19bn of AuA to the Apex Group platform.

Peter Hughes, Founder and CEO of the Apex Group, said: “The strategic addition of the unit trust management company adds greater product depth and expanded reach, particularly for our ManCo services offering, and further reinforces our commitment to South Africa, a key hub for our global business. We look forward to welcoming our new colleagues from Efficient who are aligned with our commitment to delivering an exceptional client experience with local service delivery.”

Apex Group is one of the largest asset management service providers in the world delivering a unique single-source solution of the full value chain for its clients, including digital onboarding and bank accounts, depositary, custody, super ManCo services, corporate services (including human resources and payroll), and a pioneering environmental, social and governance (ESG) ratings and advisory solution. 

Efficient clients will now benefit from access to the Group’s local hedge fund solutions, offshore fund solutions, Fintech, data solution and tech-enabled services, in addition to its expanded team of more than 12,000 people worldwide.

44 Efficient employees will join the Group’s expanding African footprint following the recent acquisitions of Sanne and Maitland, further reinforcing the Group’s commitment to the region and its intention to expand its local operations by circa 1,000 people this year.

Heiko Weidhase, CEO of the Efficient Group, said: “Efficient has always followed a very successful growth strategy in the Wealth, Risk, and Investments segment of the financial services market, ensuring that the company has expanded into a leader in the financial services industry. This transaction allows the company to continue expanding the business by focusing on partners that align with the overall expansion of the retail client base strategy and value proposition.”

The Acquisition remains subject to the approval of the Competition Commission.

Macquarie Capital acted as financial advisors to Apex and Efficient’s management team, advised by Cliffe Dekker Hofmeyr, facilitated the Acquisition on behalf of Efficient’s shareholders.