JOHANNESBURG - Financial services group Alexander Forbes has entered into a strategic partnership with Colourfield Liability Solutions to launch a new retirement solution.
Called Alexander Forbes Clarity, it will serve as an investment framework that provides members of retirement funds with an ability to meaningfully focus on and engage with their retirement income goals.
Alexander Forbes chief executive Andrew Darfoor said yesterday he was pleased with the new offering.
“The new solution will focus members on an individual retirement income target and will personalise the investment experience by considering a broad range of factors beyond simply a member’s age.
“We are delighted to have partnered with Colourfield, a leading provider of liability-driven investment strategies, to offer members of retirement funds a new, innovative, first-of-its-type solution,” Darfoor said.
He added that Alexander Forbes Clarity had been launched against the backdrop of concerning statistics from the Alexander Forbes Member Watch survey, which showed that only 5percent of working South Africans would be able to retire comfortably based on current pension contribution rates.
Colourfield chief executive Costa Economou said the firm was pleased to partner with Alexander Forbes in bringing the solution to Africa.
Alexander Forbes said this solution would be made available to Alexander Forbes retirement fund clients in the first quarter of next year.
The strategic partnership announcement comes after Alexander Forbes released its results last week for the six months to the end
of September.
It reported a 3percent increase in operating income from continuing operations to R1.8billion, up from R1.75bn last year, while profit from operations before non-trading and capital items increased by 5 percent to R455m.