Apex Group has received regulatory approval to operate in India’s Gujarat International Finance Tec-City (GIFT City) International Financial Centre, becoming one of the first global fund administrators to do so.
GIFT City looks to position India as the next leading IFSC and as a challenger to existing established jurisdictions worldwide.
The announcement reveals further growth for Apex’s India business, following the recent opening of the financial services provider’s third Indian location in Mumbai.
Apex’ GIFT City location will offer fund administration services and work with regulators to deliver Apex’s full single source solution, which includes aviation leasing and ManCo services.
At present, Apex is in advanced discussion with several global funds and other clients looking to set up their funds in GIFT City.
Founded in 2008, Apex’s India business has expanded and evolved consistently, aligning with the Group’s global growth trajectory. Its Indian operations now service 175 Indian funds and $20 billion in assets under administration (AuA) across India, Singapore and Mauritius from local offices in Pune, Bangalore and Mumbai.
Apex India has seen its employee footprint grow by 400% since 2019, creating over 1,100 new jobs despite the COVID-19 pandemic, allowing it to reach the milestone of 1,500 employees.
The Group remains committed to expanding its Indian offices and, following the announcement of its new GIFT City location, expects to hire an additional 1,200 people before the end of 2022 to support ongoing growth.
“GIFT City represents an exciting growth opportunity for India, both domestically, and by connecting Indian capital to other international financial centres,” said Mandar Mhatre, regional managing director, India at Apex Group.
“Over the coming years, we expect GIFT City to facilitate the increased re-domiciliation of feeder funds from offshore to onshore structures and will create further opportunities for our Capital Markets clients, including those active in aircraft finance. We look forward to providing support and services from our planned GIFT City operations to enable the success of our current and future clients.”