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Alexander Forbes buys 60% stake in actuarial firm

Alexander Forbes has taken a 60 per cent stake in consul-ting actuaries Lane Clark & Peacock for £27.6m.

The deal, which values the actuary at about £46m, inc-ludes the option for Alexander Forbes, which has a big IFA business in the UK, to increase its stake to 80 per cent after three years.

While the two companies will continue operating independently, both sides say there are opportunities for Alex-ander Forbes Financial Ser-vices and LCP to co-operate in the UK.

LCP is a big employee benefits consultancy but it is not authorised to give specific financial advice while AFFS is able to provide advice thr-ough its IFA, formerly John-stone Douglas.

LCP will become a limited liability partnership and continue to trade under its current name.

Current AF chief executive Graeme Kerrigan and AF UK director Dick Wood, both actuaries, will join the LCP board, which will continue to run the business.

In addition to its IFA arm, South African-based AF is involved in actuarial and employee benefits consulting, pension scheme administration, software development and multi-manager investment products.

On the international stage, other areas of co-operation are in South Africa and Mex-ico, where AF has a big actuarial business.

AF UK director Dick Wood says: “In the UK, our businesses will run side by side but there is a chance for our IFA to exploit some synergies with the LCP side.”

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