Apex Group Ltd, the Bermudian-based global financial services provider, has announced the planned acquisition of South Africa’s Efficient Group Ltd.

Efficient is the holding company of Boutique Collective Investments Ltd and Boutique Investment Partners Ltd and 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, Apex said.

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

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 advisers, and their retail and institutional clients.

This strategic acquisition adds $19 billion of assets under administration to the Apex Group platform, the company said.

Forty-four Efficient employees will join the Apex 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 approximately 1,000 people this year.

Peter Hughes, founder and chief executive officer 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.”

Heiko Weidhase, chief executive officer of the Efficient Group, added: “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 in South Africa.