Alexander Forbes: Ghana targeted after pension reforms

Alexander Forbes would expand in west Africa after its initial public offering, the retirement fund administrator said yesterday. “Our dominant focus for growth is Africa and we will follow pension fund reforms in countries like Ghana,” Edward Kieswetter, the chief executive of the company, said. “Our default growth model is organic, but at the same time we’re alert to potential opportunities out there.” Private equity shareholders including Actis are exiting their investment in Alex Forbes, as the Johannesburg-based company is known. The firm plans an initial public offering on July 24 which may value the company at about R10.5 billion. Ghana ended its state-owned pension fund monopoly in 2010, boosting stock exchange volumes and the number of money managers in the country. “Our first focus is sub-Saharan Africa,” Kieswetter said, adding that Alex Forbes favoured English-speaking countries. Nigeria, Zambia and Uganda are among the English-speaking countries planning to change pension fund laws and encourage investment. – Bloomberg