Fund administrator Apex Group has acquired India-based fund services company BEST Alternative Advisory Services.
The acquisition adds $30 billion in assets under administration to Apex Group, and 35 employees based in Mumbai, India.
BEST provides fund services to both open- and closed-ended fund client profiles including private equity, fund of funds, mutual funds, managed accounts and hedge funds. The acquisition brings new services for BEST clients, including digital banking, global compliance solutions and ESG ratings and advisory.
The acquisition of BEST supplements Apex Group’s continued organic growth in India; since 2019, its employee footprint has grown by 400 percent, creating over 1,100 new jobs during the covid-19 pandemic.
BEST founder Tasneem Jeevanjee and partners Sagar Desai and Amar Banga said in a statement that the partnership “will give BEST further support to expand and evolve the business.”
The deal is the latest global acquisition by the fund administrator, following the recent acquisitions of Australia-based Mainstream Group, New Zealand-based MMC and Israel-based Tzur Management.
Apex now operates from over 50 offices worldwide, with more than 5,000 employees servicing $1.5 trillion in assets across administration, depositary, custody and under management.
This total is expected to rise to $2.2 trillion and 8,000 employees following the close of the planned acquisition of Sanne Group Plc, expected in the coming weeks.