Apex Group Ltd, the Bermudian-based global financial services provider, has plans to hire more than 500 additional staff in Johannesburg as its footprint in South Africa continues to grow.

The news comes as the company announced the completion of its acquisition of the fund services and third-party management company business operations of Maitland International Holdings plc, an international fund services provider.

Maitland provides an extensive range of fund services including fund administration, transfer agency and management company services for 120 direct investment managers and 25 fund sponsors, totalling more than $200 billion in assets under administration and $17 billion in assets under management.

This strategic acquisition adds $200 billion of assets under administration and $17 billion of assets under management to the Apex Group platform.

The company said Maitland’s clients would now benefit from access to Apex Group’s single-source solution, including additional services such as global compliance solutions, ESG rating, reporting and advisory and digital banking.

Maitland’s 570 employees will join Apex, expanding its existing presence in the UK, Guernsey and Luxembourg and growing its recently established footprint in South Africa.

Apex’s recent acquisition of Sanne Group added 500 employees in Cape Town, with the addition of Maitland doubling this headcount to approximately 1,000.

The additional staff in Johannesburg, to be hired over the next 12 months, will deliver its single-source solution to a global client base of asset managers, capital markets, private clients and family offices.

In Johannesburg, Apex will be based in the Sasol Place Building, which it said reflected the group's corporate purpose as a carbon-neutral business and is rated a five-star green star design V1 development by As Built.

Peter Hughes, founder and CEO of Apex, said: “The strategic addition of Maitland adds greater product depth and geographic reach to our fund administration and management company offering.

“We are excited to build multiple strategic hubs in South Africa to access the abundant pools of talent that we need to support both our South Africa and global client bases, enabling them to concentrate on their core focus of generating returns.

“We look forward to welcoming our new colleagues who will deliver the Group’s agile single-source solution through our global reach, underpinned by a commitment to exceptional client service.”

Steven Georgala, CEO of Maitland, added: “We are pleased to announce the successful close of the sale of the fund services and manco business operations to the global Apex Group, where our talented people and valued clients will continue to thrive and prosper. Following this transaction, Maitland ceases to provide fund or manco services.”