Alexander Forbes following reform-ready countries - CNBC Africa

Alexander Forbes following reform-ready countries

Southern Africa

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Alexander Forbes will be following pension fund reforms when assessing suitable expansion areas. PHOTO: Getty Images

“At the moment, we are in Botswana, Namibia, Zambia, Kenya, Uganda and Nigeria. We will follow pension fund reforms – Ghana and Tanzania would be natural areas for us to go into,” Alexander Forbes chief executive, Edward Kieswetter told CNBCafrica.com.

He added that countries where the language and cultural affinity is stronger, and countries where there is an international best practice model, would also be suitable expansion areas for Alexander Forbes.

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The South Africa-based financial services group recently announced that it would be relisting on the Johannesburg Stock Exchange (JSE) and expects to be listed as well as to start trading on the JSE on 24 July 2014.

This is following a business transaction between it and Mercer Africa, a wholly-owned subsidiary of Marsh & McLennan Companies. Mercer is set to acquire 34 per cent of the ordinary shares of Alexander Forbes, subject to obtaining the requisite regulatory approvals.

“The listing, strengthened by the cornerstone investment in the group by Mercer, is a significant step forward for Alexander Forbes, and demonstrates a vote of confidence in our strategy, in our people and in our reach into sub-Saharan Africa,” Kieswetter said.

“The listing also allows for optimum continuity of our business strategy, while protecting the autonomy, integrity and trust that vests in our existing brand. We look forward to working together with Mercer to deliver and enhance impactful service to all our clients.”

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Kieswetter also stated that despite the Mercer transaction, Alexander Forbes is currently BEE-compliant and will ensure that it remains compliant in the future.

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