Carlyle-backed Apex to set up Botswana’s first fund administrator
TLDR
- Apex Group, with $2 trillion in assets, to set up Botswana's first fund administration office, led by Itumeleng Moremong, to capitalize on regulatory changes and opportunities in Botswana's cash-rich market.
- The office in Botswana plans to hire at least seven people by 2024 and will be supported by a larger team in South Africa.
- Botswana's regulatory changes aim to increase local fund allocation to 50% by 2027, expanding market opportunities for Apex Group in the diamond-producing nation.
Apex Group, a financial services firm backed by giant private equity investor Carlyle, plans to establish Botswana's first fund administration office, which will include a local head and team.
The company, which manages $2 trillion in assets globally, intends to hire at least seven people in Botswana by the end of 2024, according to Itumeleng Moremong, the newly appointed head for the Southern African country. The office will be supported by a larger team in South Africa.
Moremong highlighted that Botswana is a cash-rich market undergoing regulatory changes to increase local fund allocation to 50% by 2027. This regulatory shift is expected to expand the market's product offerings, creating significant opportunities for Apex Group to capitalize on the growing financial landscape in the diamond-producing nation.
Key Takeaways
Apex Group's expansion into Botswana reinforces its growing footprint in sub-Saharan Africa, a region that includes six of the top ten fastest-growing economies in 2024. This move follows the acquisition of Maitland Group, Boutique Collective Investments, and Boutique Investment Partners in South Africa, and the launch of operations in Namibia in 2023. The Botswana unit, which currently manages $1.8 billion in fund administration, aims to increase this by 30% over the next three years, according to Itumeleng Moremong, head of the Botswana unit. The country's fund management industry is valued at around $15 billion, with significant growth in private equity and property funds.
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