Leading financial and risk management firm, Alexander Forbes has exited the Uganda market.
In an announcement, the firm said it had taken the decision after a strategic review of its operations and through an announcement to investors on the Johannesburg Stock Exchange.
“As a result, Alexander Forbes Group Holdings Limited will exit its currently in country operations in Uganda. The company is committed to an orderly exit from Uganda will maintain levels of service and advice to clients,” read part of the announcement signed by Dawie de Villiers, the group chief executive officer.
The South African based company entered the Ugandan market more than a decade ago and in 2007, it launched a retirement fund.
Globally, the group is owned by 15 shareholders lead by Marsh & McLennan Companies which has a stake of 33%. Other shareholders are African Rainbow Capital (8.9%), STANLIB Asset Management (5.4%), Visio Capital Management Ltd (3.4%).
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. This was with the aim of meeting their client needs. 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.
Since then, AFFS has grown to become a leading employee benefits consultancy in Africa, developing a number of pioneering solutions along the way.