Apex Group, a financial services firm with over $3 trillion in assets, will set up Botswana’s first fund administration office with a local head and team by the end of 2024.
The company, whose funds in management in Botswana are over $1.8 billion, will initially employ at least 7 people at launch.
“We are a market that is quite cash flush and is currently going through regulatory changes to increase fund allocation to 50% locally by 2027,” Itumeleng Moremong, the firm's head of operations in Botswana told Bloomberg.
“This allows the market to expand on its product offerings and poses a great opportunity for Apex”.
In Botswana's fund management industry valued at about $15 billion, the company plans to grow its assets under management by 30% over the next three years.