Peter Hughes (Apex Group): Leading transformation through technology and culture
Peter Hughes, founder and CEO of Apex Group, outlines the strategic importance of Luxembourg, the role of innovation in financial services, and how Apex drives cultural cohesion across a vast global footprint.
How has Luxembourg become central to Apex’s growth strategy?
Luxembourg represents a critical axis in our operations, accounting for around thirty percent of our global revenue. We first entered the market fifteen years ago with a team of forty and since then have scaled to twelve hundred employees. That growth reflects the strategic investment we’ve made—financially and structurally—more than in any other jurisdiction. Luxembourg now hosts our bank, a leading management company, and six hundred professionals dedicated to fund services. This jurisdiction acts as an operational stronghold within our broader network of fifty-two countries. Our commitment is both long-term and deeply rooted. We see Luxembourg not only as a centre for European finance but as a hub for innovation. The acquisition of Tokeny, a local fintech enabling fund share tokenisation, illustrates our interest in fusing traditional finance with advanced digital tools. This deal fits into our broader digitisation effort, which includes integrating several technology platforms to streamline client services. As most consolidation in Luxembourg has already occurred, we are focusing more on internal integration and optimisation rather than pursuing new acquisitions. For Apex, the future lies in maximising what we’ve built rather than expanding for scale alone.
“The risk is if you're not at the forefront, you'll get left behind.”
What methods help you align company culture across 52 countries?
Cultural cohesion is arguably the most complex part of scaling a global firm. Acquiring strong businesses is one step, but ensuring a unified identity that inspires twelve thousand professionals is a far greater challenge. I focus heavily on embedding values that go beyond profit. Our Apex Foundation plays a pivotal role in that, funding and supporting sustainability projects and philanthropic initiatives globally. This approach helps our teams feel part of something more meaningful. When individuals across continents contribute to shared causes, internal alignment strengthens. We're not just a large business; we aim to be a responsible one. That philosophy also makes a difference in attracting and retaining top talent. Internally, we use these shared values to create consistency. Culturally, technology also assists. Communication platforms, internal engagement tools, and collaborative workspaces bring distant teams into alignment. With rapid change in the industry, a strong culture acts as both anchor and driver. It’s essential not just for cohesion, but for innovation, especially as we move deeper into digital finance and decentralised solutions.
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How does Apex approach risk and regulatory hurdles like account onboarding?
Staying relevant to global asset managers demands a forward-looking risk strategy. We invest heavily in technology to ensure Apex remains at the forefront of changes in the industry. Asset classes are evolving. Private markets are expanding into the wealth and retirement segments. Digital-native investors—particularly those from the crypto space—pose new expectations. If we don’t lead in bridging traditional and decentralised finance, we risk obsolescence. That transformation also involves addressing operational bottlenecks. Bank account onboarding, particularly in Europe, remains a persistent pain point. Even in Luxembourg, onboarding delays frustrate clients. Through our local bank, EDB, we offer an internal solution aiming to open accounts in five business days—a significant improvement. Still, we aim to go faster, inspired by how digital banks streamline retail onboarding. Our acquisition of Tokeny gives us a technological edge here. Ultimately, we want fund investor onboarding to occur in seconds, not weeks. Ireland and other jurisdictions face similar issues. Solving this across markets requires vision, execution, and relentless pursuit of innovation.