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Alexander Forbes Group Holdings

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Alexander Forbes Group Holdings Limited
Company typePublic: JSE: AFH
IndustryFinancial services
Founded1935
HeadquartersSandton, South Africa
Key people
Kuseni Dlamini - Chairman
Dawie de Villiers - CEO
Bruce Bydawell - CFO
ProductsAsset & Fund Management[1]
Number of employees
2,587

Alexander Forbes Group Holdings, commonly referred to as Alexforbes is a diversified financial services organisation.[2][3] The company is headquartered in Johannesburg, South Africa, with a presence in two other countries on the African continent: Namibia and Botswana and in the Channel Islands through an offshore Jersey operation.

The company offers employee benefits consulting (including healthcare), investment management, insurance and wealth management solutions to both corporate clients and individual customers. It is listed on the Johannesburg Stock Exchange (JSE) and its clients span both the private and public sector market segments on the institutional side, and individual members.[4] The company’s principal geographic focus is South Africa (where it has been operating since 1935) sub-Saharan Africa and the Channel Islands.[5]

History

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Alexforbes 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.[6]

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.[6]

Following a number of acquisitions by the group in the early 1980s, the name was changed to Alexander Forbes Financial Services.[6]

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 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 (LCP), 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 (AFCA UK) and Media Insurance Services (Direct Marketing), 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.[6]

In 2006, Actis Capital LLP, Ethos Private Equity Ltd and Harbourvest Partners LLC made an offer of ZAR 7.4 Billion rand (US$980Million) for the acquisition of the entire stock of Alexander Forbes other than 30% that was held by Staff and B-BBEE Partner Shanduka Group.[7] The deal was said to be the largest and most complex leveraged buy-outs ever undertaken in Africa.[8] 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.[9] The offer had Deutsche Bank AG, Morgan Stanley & Company and Rand Merchant Bank as its book runners.[6] The IPO managed to raise ZAR 3.7 Billion (US$345 million).[10] This IPO marked Alexander Forbes' return to the JSE since its exit in 2006.

Alexander Forbes operates in Botswana, Namibia, South Africa and Jersey. In 2019, the company won Five Year (Fund of Funds), HedgeNews Africa Awards.[11] In 2020, the company's CIO Sandra La Bella was awarded with Visionary CIO of the Year by The Institute of Information Technology Professionals South Africa.[12] In 2021, the company was honored with Global Africa Fund Survey Providers- Best Investment Survey Provider.[13]

Shareholding

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Top 10 (Strategic and Institutional shareholders as at 28 January 2022)
Rank Name % ISC
1 African Rainbow Capital 39.9
2 Marsh & McLennan Companies 14.8
3 Coronation Fund Managers 4.6
4 Abax Investments 5.5
5 Visio Capital Management 6.9
6 Public Investment Corporation 6.0
7 Dimensional Fund Advisors 1.3
8 Kagiso Asset Management 1.1
9 The Vanguard Group 1.7
10 Sanlam Investment Management 3.4
*ISC – issued share capital

Notable employees

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  • Former British Prime Minister John Major worked at the London office of the bank for a brief period in 1959.[14]

See also

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References

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  1. ^ "Alexander Forbes Group Holdings - Investor Relations". Alexander Forbes Group Holdings.
  2. ^ "AFHJ.J - Alexander Forbes Group Holdings Ltd". Reuters. Retrieved 10 November 2022.
  3. ^ "Alexander Forbes Group Holdings Ltd, AFH:JNB profile - FT.com". markets.ft.com. Retrieved 10 November 2022.
  4. ^ "Prudential Financial and LeapFrog Investments announce intention to acquire a strategic minority interest in Alexander Forbes Group Holdings Limited". www.businesswire.com. 18 March 2022. Retrieved 21 April 2022.
  5. ^ "Prudential Financial and LeapFrog Investments announce intention to acquire a strategic minority interest in Alexander Forbes Group Holdings Limited | Prudential". prudential.com. Retrieved 10 November 2022.
  6. ^ a b c d e "Alexander Forbes Group Holdings Limited - Pre-listing statement" (PDF). Alexander Forbes Group Holdings Limited. 7 July 2014. Retrieved 16 October 2014.
  7. ^ Wessels, Vernon (19 October 2006). "Actis Group Offers 7.4 Billion Rand for Alex Forbes (Update2)". bloomberg.com. Bloomberg LLP. Retrieved 16 October 2014.
  8. ^ "Actis Investments - Alexander Forbes". Actis Capital LLP. Archived from the original on 20 October 2014. Retrieved 16 October 2014.
  9. ^ "Alexander Forbes Group Holdings Limited - ABRIDGED PRE-LISTING STATEMENT" (PDF). sharenet.co.za. Sharenet. 24 July 2014. Retrieved 16 October 2014.
  10. ^ "Alexander Forbes raises $345m in IPO". biznews.com. Biznews. 18 July 2014. Archived from the original on 14 September 2014. Retrieved 16 October 2014.
  11. ^ "ALEXANDER FORBES INVESTMENTS | Companies |". Retrieved 10 November 2022.
  12. ^ leigh (28 September 2020). "Celebrating excellence in adversity: 2020 IITPSA President's Awards to go ahead! | IITPSA". Retrieved 10 November 2022.
  13. ^ Staff Writer (15 October 2021). "Alexander Forbes wins Best Investment Survey Provider Award". B2B Central. Retrieved 10 November 2022.
  14. ^ John Major (1999). John Major: The Autobiography. Harper Collins. pp. 26–7.
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