Marsh & McLennan (MMC) is to acquire a 34 percent share in South African insurance and investment consultant Alexander Forbes. The broker said the deal will broaden its exposure to the growth prospects present in South Africa and sub-Saharan Africa.
Alexander Forbes will list on the Johannesburg Stock Exchange (JSE) and the stake will be bought via Mercer, MMC’s human resources consulting arm.
Julio Portalatin, president and chief executive officer of Mercer, said: “We are thrilled to have this opportunity to establish a relationship with Alexander Forbes, a leader in the retirement, investments, and employee benefits space in South Africa and broader Sub-Saharan Africa.
“This is the beginning of a strong partnership that will generate value for both of our firms and our respective clients. We are particularly excited to significantly broaden our exposure to the growth prospects present in South Africa and sub-Saharan Africa.
“Through this investment, we will be able to support our global clients seeking to enter and expand into the African market, and with our global reach and capabilities, we will be able to support Alexander Forbes’ clients seeking to grow outside of Africa.”
Marsh & McLennan, Africa, Alexander Forbes, Julio Portalatin, Mercer