Alexander Forbes Group Holdings, commonly referred to as Alexander Forbes is headquartered in Johannesburg, South Africa, with a presence in six other countries on the African continent: Namibia, Botswana, Zambia, Uganda, Nigeria and Zimbabwe and in the Channel Islands through an offshore Jersey operation. Alexander Forbes is listed on the Johannesburg Stock Exchange and its clients span both the private and public sector market segments on the institutional side, and individual members, as well as the wider individual market, on the retail side. They derive the majority of their operating income and profit from operations from South Africa, with Emerging Markets remaining a key long-term growth prospect for the group. Recently Alexander Forbes plans to sell its insurance subsidiary in Namibia.
Overview
The group is a diversified financial services organisation providing a broad range of retirement, consulting, asset management, insurance and wealth management to both corporate and individual clients. Alexander Forbes's principal geographic focus is South Africa, where it has been operating since 1935, sub-Saharan Africa and the Channel Islands.
History
Alexander Forbes operations date back to the consolidation of insurance agencies in South Africa in 1935, when the original business was founded as Price Forbes, later changing its name to Price Forbes Life and Pension Brokers in 1955. In the 1970s, Price Forbes Life and Pension Brokers began diversifying its range of services to include fund administration, employee benefit consulting and actuarial services as well as retirement and estate planning. Due to the diversification, the business name was changed to Price Forbes Employee Benefits Consultants. Following a number of acquisitions by the group in the early 1980s, the name was changed to Alexander Forbes Financial Services. The Group commenced international expansion in 1990 with the establishment of a small insurance brokerage operation in London and Jersey, which the Group later expanded through the acquisition of Nelson Hurst plc. The insurance brokerage business was also expanded into other African countries in order to continue servicing South African corporate clients which were expanding into these markets. In 2002, the Group further expanded its international financial services business through the acquisition of a 60% interest in Lane Clark & Peacock, a leading actuarial consultancy firm in the UK. This was followed by further acquisitions of the businesses that formed Investment Solutions in the UK, Alexander Forbes Consultants and Actuaries and Media Insurance Services, and the expansion of LCP into Belgium, Ireland, The Netherlands and Switzerland. Between 2012 and 2014, the Group disposed of a number of these interests, including the sale of AFCA UK, Investment Solutions UK, Media Insurance Services, LCP Switzerland and Alexander Forbes Trustee Services to focus on its core markets. In 2006, Actis Capital LLP, Ethos Private Equity Ltd and Harbourvest Partners LLC made an offer of ZAR 7.4 Billion rand for the acquisition of the entire stock of Alexander Forbes other than 30% that was held by Staff and B-BBEE Partner Shanduka Group. The deal was said to be the largest and most complex leveraged buy-outs ever undertaken in Africa. This led to the delisting of Alexander Forbes from the JSE. On 24 July 2014, Alexander Forbes announced an offer for shares to existing shareholders, institutional investors and to other selected investors. The Offer Shares were for sale at a price between ZAR 6.90 and ZAR 8.05 per share. The offer had Deutsche Bank AG, Morgan Stanley & Company and Rand Merchant Bank as its book runners. The IPO managed to raise ZAR 3.7 Billion. This IPO marked Alexander Forbes' return to the JSE since its exit in 2006.
Operations
Alexander Forbes has operations in the following regions:
Africa
Europe
Middle East
Shareholding
As at 30 June 2017, the shareholding of Alexander Forbes Group Holdings was as follows:
Notable employees
Former British Prime Minister John Major worked at the London office of the bank for a brief period in 1959.