Apex plans to expand SA footprint
Apex Group has inked a new deal to expand its footprint in South Africa following its acquisition of financial services firm Sanne last year. Its latest acquisition of Maitland International adds R3.42-trillion in assets under administration to the Apex Group and increases its headcount to 1000 people. Furthermore, Apex says its planning to hire 500 more people in an economy with record unemployment and as global firms announce major job cuts this year as cost bite. To discuss its strategy for SA and the continent. Joining CNBC Africa is Peter Hughes, CEO at Apex Group.
Tue, 10 Jan 2023 11:16:23 GMT
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AI Generated Summary
- Apex Group defies economic challenges to expand its presence in South Africa, leveraging the country's talent pool and creating job opportunities amidst global firms announcing major job cuts.
- The company plans to hire 500 additional employees, invest $5 to $10 million in hiring and training talent, and double its workforce in South Africa over the next 18 months, emphasizing compliance, ML, and accounting roles for local graduates.
- Despite potential gray listing and political uncertainties, Apex Group remains focused on long-term sustainable growth by serving both local financial institutions and its global business, aiming to build a leading platform in the South African financial services sector.
Apex Group has announced plans to significantly expand its presence in South Africa, defying economic challenges and uncertainties in the country. The group recently acquired financial services firm Sanne and Maitland International, adding a substantial R3.42 trillion in assets under administration to its portfolio and increasing its headcount to 1000 people. In a move to boost the South African economy and create job opportunities, Apex Group is set to hire an additional 500 employees in the country. Peter Hughes, CEO of Apex Group, outlined the company's strategy to leverage the talent pool in South Africa and provide global career prospects for local hires. The expansion plans include investing $5 to $10 million in hiring and training talent, with a focus on compliance, ML, and accounting roles. Moreover, Apex Group aims to double its workforce in South Africa over the next 18 months and establish a local presence in key cities like Pretoria and Durban.
Despite the looming challenges such as the potential gray listing of South Africa's financial services sector and discussions around the central bank's mandate, Hughes remains optimistic about the long-term prospects for the business. He emphasized the importance of a sustainable investment approach, focusing on building a strong foundation in South Africa as a strategic move for the group's global operations. With an eye on serving both the local financial institutions and the global business, Apex Group is committed to overcoming short-term hurdles for long-term success.
While political uncertainties loom large in South Africa, Hughes maintains a neutral stance and underscores the company's commitment to creating positive impacts within the financial services community. By providing quality roles and career opportunities for local staff, Apex Group aims to contribute to the growth and development of the industry in South Africa. The group's two-pronged approach focuses on building a leading platform for South African institutions while also fostering strong teams to support its global operations. Looking beyond the immediate political landscape, Apex Group remains dedicated to its long-term vision of driving sustainable growth and excellence in South Africa's financial sector.
In the face of record unemployment rates and global economic challenges, Apex Group's expansion in South Africa signals a vote of confidence in the country's potential and a strategic move to capitalize on the talent and opportunities it offers. With a clear roadmap for growth and a commitment to empowering local talent, the group is poised to make a significant impact on the financial services landscape in South Africa and beyond.
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