Apex Group Ltd., a global financial services provider, has bought Efficient Group, the holding company of Boutique Collective Investments and Boutique Investment Partners in South Africa.

Created in 2013, BCI offers a range of management company services with a focus on third-party branded portfolios (ManCo services). BIP is an independent investment management and consulting firm that focuses on providing multi-manager and consulting services to South African independent financial advisors and their retail and institutional clients. Efficient Group will be rebranded under the Apex Group banner.

“The strategic addition of the unit trust management company adds greater product depth and expanded reach, particularly for our ManCo services offering, and further reinforces our commitment to South Africa, a key hub for our global business,” states Peter Hughes, founder and chief executive officer of the Apex Group.

Macquarie Capital acted as financial adviser to Apex and Efficient’s management team was advised by Cliffe Dekker Hofmeyr Inc.