{"id":31834,"date":"2022-06-06T17:08:31","date_gmt":"2022-06-06T17:08:31","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/alexforbes-sees-the-benefits-of-strategy-redirection-and-new-name"},"modified":"2022-06-06T17:21:05","modified_gmt":"2022-06-06T17:21:05","slug":"alexforbes-sees-the-benefits-of-strategy-redirection-and-new-name","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/alexforbes-sees-the-benefits-of-strategy-redirection-and-new-name","title":{"rendered":"Alexforbes sees the benefits of strategy redirection and new name"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Alexforbes is banking on its new edgy name to connect better with investors.<\/p>\n

The country’s largest pension funds administrator changed its name from Alexander Forbes to Alexforbes in March.<\/p>\n

In its annual financial results on Monday Alexforbes said its new name presents the company as a fresher, inclusive and more accessible to the market. Whereas in the past, the company dealt primarily with pension funds and their trustees, it says it is now transforming towards becoming a more “member-orientated” financial services provider.<\/p>\n

As Millennials and Gen Z now dominate the working population, pension fund administrators like Alexforbes are dealing with a different breed of investors that is more independent and prefer more one-on-one communication with brands.<\/p>\n

“Our business has immense potential to help people but our efforts to connect with customers have been dampened by a general lack of awareness and understanding of how we can change their lives,” Alexforbes wrote on Monday.<\/p>\n

The company added that the brand refresh was one of many initiatives it is implementing to broaden and deepen its connection with customers.<\/p>\n

The “new” Alexforbes has ambitions to extend its leading positions in the retirement administration business and grow market share in healthcare administration and investments too. The company has been employing more advisors to compete better with other retail financial advice firms in SA like the Sanlams and Momentums. It has been on a mission to convert people from its institutional clients to become its retail advice customers.<\/p>\n

Alexander Forbes has big plans for its investment business, which now has a new boss<\/p>\n

The company says being this “advice-led” business is already paying off. In the year to 31 March, Alexforbes won new business of R148 million in annualised revenue. Its operating income increased 7% year on year to R3.2 billion, thanks to the 11% growth recorded by its investments business and another 13% growth in the individual consulting business.<\/p>\n

The group posted a 19% increase in its headline earnings per share from continuing operations and declared a final dividend of 20 cents per share, increasing the annual dividend by 45% year-on-year to 32 cents per share.<\/p>\n

Alexforbes CEO Dawie de Villiers said it’s been three years of hard work implementing the group’s turnaround strategy. But Alexforbes is now in a place where it can say it has “cemented” its position as an advice-led, integrated business that’s attracting substantial new business flows in consecutive years. Even big international investors are taking note.<\/p>\n

“We are building on this strong foundation by refreshing our five-year vision to become the most impactful provider of financial advice to institutional clients and individual customers,” said De Villiers.<\/p>\n

“Both the board and management are excited by the interest expressed in our business by the largest insurer in the United States, Prudential Financial, through the potential change in shareholding transaction announced in March 2022. We look forward to unlocking the prospective strategic benefits of this relationship,” he added.<\/p>\n

The New York Exchange-listed Prudential Financial has agreed to buy 14.8% of Alexforbes shares held by Mercer, subject to regulatory approvals.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Alexforbes is banking on its new edgy name to connect better with investors. The country’s largest pension funds administrator changed its name from Alexander Forbes to Alexforbes in March. In its annual financial results on Monday Alexforbes said its new name presents the company as a fresher, inclusive and more accessible to […]<\/p>\n","protected":false},"author":84,"featured_media":31833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,1974,1973,2283,275],"class_list":["post-31834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-alexander-forbes","tag-alexforbes","tag-prudential-financial","tag-south-africa-2"],"yoast_head":"\nAlexforbes sees the benefits of strategy redirection and new name - South Africa<\/title>\n<meta name=\"description\" content=\"Alexforbes is banking on its new edgy name to connect better with investors. 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