Apex Group expands India presence with acquisition of BEST Alternative Advisory Services

The acquisition of BEST will add assets under administration (“AuA”) of US$30bn to the Apex Group, and an additional 35 employees based in Mumbai, India. BEST delivers fund services tailored to both open and closed-ended fund client profiles including Private Equity, Fund of Funds, Mutual Funds, Managed Accounts and Hedge Funds.

The BEST business is well aligned with Apex Group’s client-centric approach, with 100% of its client base having been referred by existing satisfied and long tenured clients. The addition of BEST will support current and future Apex clients looking to enter the Indian market, and for Indian domiciled funds to operate and invest internationally.

The Group’s single source solution will provide BEST’s clients with global access to the widest range of high-quality services in the industry, including digital banking and a pioneering ESG Ratings and Advisory offering, underpinned by best-in-class technology platforms.

The acquisition of BEST supplements Apex Group’s continued organic growth in India; since 2019, its employee footprint has grown by 400%, creating over 1,100 new jobs during the Covid-19 pandemic.

This is the latest in a series of global acquisitions for Apex; following the recent acquisitions of Mainstream Group and MMC, Apex now operates from over 50 offices worldwide, with over 5,000 employees servicing US$1.5 trillion in assets across administration, depositary, custody and under management - expected to rise to US$2.2 trillion and 8,000 employees following the close of the planned acquisition of Sanne Group Plc.

Peter Hughes, Founder and CEO of Apex Group comments: “We are pleased to announce this strategic acquisition as we continue to expand our presence in India. BEST has demonstrated alignment with our culture and way of doing business: to build partnerships with clients to deliver a consistent and high-quality level of service, by acting as flexible extension of our clients’ own teams. BEST’s clients will now benefit from our full-service product offering via our single-source solution, delivered by our global network of offices.”

Tasneem Jeevanjee, Founder and Sagar Desai and Amar Banga, Partners, BEST Alternative Advisory Services add: “We are extremely proud and excited to join forces with the global Apex Group, whose international footprint, diversity of product and innovative solutions along with its full-service offering will allow us offer additional value to our clients. Apex and BEST share the fundamental principles of always putting the client first and providing for them at the very highest standard, and to drive change as more than just service providers – delivering positive impacts for our clients, people, communities and planet. Our reputation and strong track record of providing consistent and exceptional service levels to industry leaders combined with the scale of the Apex Group creates a powerful partnership which will give BEST further support to expand and evolve the business.”

Terms of the transaction are undisclosed. Khaitan and Co provided legal counsel to Apex Group. KNAV acted as financial advisor and AZB provided legal counsel to BEST.

About BEST Alternative Advisory Services
Established in 2007, BEST Alternative Advisory Services is a boutique global financial services provider based in Mumbai, India. The firm provides a wide range of specialised services supporting asset managers across several asset classes including risk management, investment operations, compliance, tax, client reporting and several other bespoke solutions tailored to each client.

Press contacts:
Apex Group: Antonia Powell, Head of Media Relations | Antonia.powell@apexfs.com