AFRICA - Alexander Forbes (AF) has agreed to acquire 60% of East African actuarial services firm Hymans Robertson Kenya for approximately £650,000 with the balance of the shareholding being held by senior Hymans Robertson Kenya staff.
Last June AF acquired a 60% interest in consulting actuaries Lane Clark & Peacock in the UK and in November 2001 acquired Bufete de Consultoría Actuarial, a Mexican actuarial and employee benefits consultancy.
Alexander Forbes Financial Services (East Africa) will immediately assume the ranking of largest actuarial consultancy firm in East and Central Africa with a significant pensions and insurance client base in East Africa, Ethiopia and Eritrea.
Existing Hymans Robertson Kenya actuarial services platform users will have access to the full spectrum of Alexander Forbes financial services.
“This deal has allowed us to buy into an established East African business with a great pedigree and top management,” said Rael Gordon, chief executive officer, Alexander Forbes.
“The firm currently consults to most of the large retirement funds registered in Kenya which gives us a great entry point to offer a full range of services to these companies and organisations.
“The firm is the appointed agency to 18 life companies in the East African Community – Kenya, Tanzania and Uganda – and actuaries to over 200 retirement benefit schemes in Kenya, two thirds of which by value are public sector schemes.”
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.