Bermuda-based Apex Group Ltd has become one of the first global fund administrators to receive regulatory approval to operate in India’s Gujarat International Finance Tec-City International Financial Centre.

Apex said that GIFT City is a planned international financial service centre that is being developed as a global financial and IT services hub, the first of its kind in India.

The company said that it is designed to be aligned with, or exceed, the benchmarks and standards of other financial jurisdictions globally, adding that this is a significant statement of intent, designed to seize the opportunity to position India as the next leading IFSC and as challenger to existing established jurisdictions worldwide.

This announcement signals further growth for Apex’s India business and follows the recent opening of Apex’s third Indian location in Mumbai.

With this latest regulatory approval, Apex said, it will open a GIFT City location from which it will offer fund administration services and will work with regulators to deliver Apex’s full single-source solution, including aviation leasing and ManCo services.

Apex said that it is currently in advanced discussions with many global funds and other clients seeking to set up their funds in GIFT City.

Founded in 2008, the company said, Apex India offers an efficient and flexible approach to fund services underpinned by best-in-class technology platforms, adapted to meet the specific requirements of each individual client.

Apex’s India operation has evolved and expanded in line with the group’s global growth trajectory, now servicing 175 Indian funds and $20 billion in assets under administration across India, Singapore and Mauritius from its three existing local offices in Pune, Bengaluru and Mumbai.

Since 2019, the company said, its employee footprint in India has grown 400 per cent, creating more than 1,100 new jobs during the Covid-19 pandemic and reaching the milestone of 1,500 employees.

With today’s announcement, the group said, it remains committed to expanding its successful local Indian offices and is expecting to hire an additional 1,200 people by the end of 2022 to support ongoing growth.

Mandar Mhatre, regional managing director, India, at Apex Group, said: “We are delighted to receive regulatory approval and are excited to begin plans to establish our GIFT City presence.

“GIFT City represents an exciting growth opportunity for India, both domestically and by connecting Indian capital to other international financial centres.

“Over the coming years, we expect GIFT City to facilitate the increased re-domiciliation of feeder funds from offshore to onshore structures and will create further opportunities for our capital markets clients, including those active in aircraft finance.

“We look forward to providing support and services from our planned GIFT City operations to enable the success of our current and future clients.”