16 May 2019

Uganda: Alexander Forbes Exits Uganda Market

Alexander Forbes Financial Services, one of the largest providers of retirement fund administration services in Uganda is exiting the country after years of operation.

Without disclosing the details, the group made the public announcement on Thursday after what it called strategic review of the business and operating model. The company first announced the review on March 26, 2019 to its investors and the market in South Africa.

"In it, the strategic review outlined the company's vision for servicing its client across Africa through its advice-led solution platforms across health, wealth and career. As a result, Alexander Forbes Group Holdings Limited will exit its current in-country operations in Uganda," a statement from the group reads in part.

Mr Dowie de Villiers, the Group's Chief Executive Officer, in the statement said the process will be handled in an organised way to ensure that no one is negatively affected.

"The company is committed to an orderly exit from Uganda and will maintain levels of service and advice to clients. Details regarding the exit will be communicated as soon as there are material developments," he concluded.

Alexander Forbes Financial Services is the largest provider of retirement fund administration services in Uganda. They provide services in comprehensive benefit administration, accounting, consulting and actuarial services.

The group according to Wikipedia, an online encyclopedia, is a diversified financial services organisation providing a broad range of retirement, consulting (including healthcare), asset management, insurance and wealth management solutions to both corporate and individual clients to create, grow and protect their wealth and assets, helping them secure a lifetime of financial well-being and security.

The company was listed on the Johannesburg Stock Exchange on July 24 2014, served to strengthen pledge to create, grow and protect our clients' wealth and assets.

Alexander Forbes Group Holdings, commonly referred to as Alexander Forbes is headquartered in Johannesburg, South Africa, with a presence in six other countries on the African continent: Namibia, Botswana, Zambia, Uganda, Nigeria and Zimbabwe and in the Channel Islands through offshore Jersey operation.

However, it's not yet clear whether the company is also closing offices in other countries. The company has been operating in South Africa since 1935.

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