View more on these topics

Alexander Forbes back on the UK acquisition trail

Independent financial risk services company Alexander Forbes is set to hit the UK acquisition trail again after securing £100m of offshore funds.

The South African-based company, which acquired IFA Johnstone Douglas in April, says the move is part of its strategy to expand its presence in the UK retail client market. It expects to announce further acquisitions this year.

Alexander Forbes is raising the funds by listing exchangeable bonds on the Luxemburg Stock Exch-ange. The bonds have been fully subscribed by RFS Holdings.

The bonds can be exchanged at any time for 53.7 million Alexander Forbes shares, which would represent an equity stake of around 14 per cent in the company.

The bond issue will be used to repay £30m of bank borrowings raised for the acquisition of Johnstone Douglas.

Alexander Forbes is listed on the Johannesburg Stock Exchange and has its international headquarters in London. It specialist areas include risk management, risk finance, insurance underwriting and multi-manager investment.

Group chief executive Graeme Kerrigan: “Our planned UK acquisitions include financial services businesses like Johnstone Douglas as well as the purchase of retail broking businesses on a selective basis.”

International development director Quintin Heaney says: “We principally are looking to acquire client bases within our area of expertise, including retail broking. We are hoping to make a number of announcements before the end of the year.”

Recommended

Rathbone chief named as Apcims chairman

Apcims has appointed a new chairman following the shock departure of Mike Jones.Rathbone group managing director Mark Powell will replace Jones as chairman following his resignation.Jones&#39 resignation from Apcims just two months into his tenure follows his sudden retirement from fund manager Capel Cure Sharp under mysterious circumstances. An internal investigation at CCS revealed “administrative […]

TMO Long Term

The Mortgage Operation has introduced a long-term discount mortgage in Scotland with redemption fees that increase during the third year.This goes against the grain of the Government’s CAT standard and the growing popularity of penalty-free mortgages. The company has based this mortgage on their belief that borrowers are more likely to redeem in the third […]

Govt lifts life sentence on retirement savers

The structure of personal pensions has effectively allowed the life insurance industry to monopolise the retail pension sector.All the Government&#39s blustering about pension misselling has done nothing to change the situation. But with the introduction of the Individual Pension Account, it would appear all this is about to change.The Government&#39s consultative paper detailing the introduction […]

Balancing Act

Most important, the proposal for both England and Wales and for Scotland is that the trustees should have the same power to make any investment as they would have if they were absolute owners of the trust assets.Interestingly, a precedent for this already exists in section 34 of the Pensions Act 1995 in respect of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment