Eskom Pension and Provident Fund (EPPF) has appointed Apex Group to provide full portfolio management platform and investment fund administration services for a period of five years.

Shafeeq Abrahams, CEO of the EPPF, said that Maitland (now part of Apex Group) had become a valued business partner over the last number of years.

“It was important for us to build on that relationship. Apex Group understands how important all our stakeholders are in the process and have given us a comprehensive solution which is ultimately to the benefit of our members.”

The EPPF, South Africa’s second-largest retirement fund with over R169bn of assets under management (as at June 30, 2022), issued the tender invitation last year and received responses from top local and global banks and fund administrators.

The tender included the provision of both an investment fund administration and portfolio management platform, where Apex Group provides a market leading solution to its client base.

Apex Group also rated positively for its end-to end ecosystem which allows it to automate the full trading lifecycle from order management to fund reporting; as well as its depth and breadth of services and proven track record of delivery of investment fund administration services to the EPPF over the past eight years.

Additional considerations included Apex Group’s Level 1 B-BBEE rating, its commitment to South Africa and other African countries, and its ongoing contribution to the Youth Employment Service programme, an initiative designed to boost much-needed jobs for the youth of South Africa.

Using a third-party administrator aligns EPPF with global best practice, enabling the fund to continue to obtain independent administration, independent valuation, a reduced technology investment, mitigate operational risk, and access a platform for product construction, growth, and innovation.

Apex Group will provide EPPF with an extensive front- and middle-office offering including: Portfolio construction and rebalancing; Portfolio management; Digitised order management; Pre- and post-trade compliance; Real-time sell-side integration; Portfolio administration; Multi-manager fund administration; and Fund reporting.

Apex Group has recently entered the South Africa market via the acquisition of Maitland and Sanne Group.

Apex Group now offers its single-source solution to South African investors including ESG Reporting & Advisory and Digital Banking, delivered by a local team of over 1,000 experts.

Alan Keet, Regional Head, Middle East & Africa at Apex Group, said: “We are delighted that the EPPF has chosen to retain Apex Group as their service provider of choice. A deal of this magnitude is testament to our strategic efforts and investment in our people, processes, and leading technology solution over long periods. We know we are able to deliver services at high levels of automation and ultimately precision, at fees that are in the best interests of the EPPF members.”