Prudential Financial, in partnership with LeapFrog Investments Group (LeapFrog Investments), is to acquire a strategic minority interest in Alexander Forbes Group Holdings Limited, 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 high-quality 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.
The transaction is subject to regulatory approvals and other customary closing conditions. LeapFrog’s appointment as investment manager is subject to approval by the Mauritius Financial Services Commission.