Financial services provider Apex Group Ltd. plans to turn South Africa into a "global hub" to assist asset managers from around the world following its purchase of two companies, Chief Executive Officer Peter Hughes said.
The company backed by San Francisco-based private equity firm Genstar Capital has 1 300 employees in South Africa after its acquisition of two fund administrators — Maitland Group and Sanne Group. Apex plans to double workers in the next two years, Hughes said.
"A lot of people outsource to India as a hub, I want to outsource to South Africa as a hub," Hughes said in an interview. "The country has a good timezone globally, a good talent pool and the right skill sets for our industry."
Asset managers in South Africa, home to some of the biggest funds across the continent and Middle East, outsource many of their services, Hughes said. Apex plans to reverse that trend, he said. SA has among the highest unemployment rates in the world and shed 80 000 finance jobs in the three months to September.
Apex’s acquisition of Maitland helped it add $200 billion in assets under administration. The company had earlier acquired Sanne Group in a $1.8 billion deal.