Prudential and LeapFrog back Alexander Forbes in South Africa

Prudential Financial, in partnership with LeapFrog Investments Group, is to acquire a strategic minority interest in Alexander Forbes Group Holdings, a provider of financial advice, retirement, investment and holistic wealth management services in South Africa.

The transaction builds upon Prudential Financial’s partnership with LeapFrog Investments to access high-growth financial services markets in Africa and deliver essential financial tools to emerging consumers.

Since 2016, Prudential Financial and LeapFrog Investments have invested in market leaders across the African continent, including Enterprise Group in Ghana and ICEA LION in Kenya.

Under the terms of the transaction, Prudential Financial, with LeapFrog Investments acting as the investment manager, will acquire a minority interest in Alexander Forbes from Mercer.

Gary Herbert, COO and partner at LeapFrog Investments, said, “Through our strategic partnership with Prudential, we are backing the exceptional team at Alexander Forbes to continue to provide life-changing access to retirement and investment benefits in Southern Africa. This investment reinforces our commitment to deepening access to financial tools to generate prosperity for consumers in emerging markets.”

The transaction is subject to regulatory approvals and other customary closing conditions.

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