Prudential Financial, Inc. (NYSE: PRU) disclosed that it has collaborated with LeapFrog Investments Group, Ltd. (LeapFrog Investments). Both the companies are preparing to buy a strategic minority interest in Alexander Forbes Group Holdings Limited which is a prominent provider of financial advice, retirement, investment, and holistic wealth management services in South Africa.
Prudential’s sustained focus on Africa as a strategically significant growth region, as well as its aim to be a worldwide leader in providing access to investment, insurance, and retirement security, is exemplified by this deal. Alexander Forbes was recognized as the market leader in South Africa who could best advance Prudential Financial vision and strategy.
Furthermore, the deal builds on Prudential Financials’ cooperation with LeapFrog Investments to provide crucial financial tools to rising customers in Africa’s high-growth financial services markets. Enterprise Group in Ghana and ICEA LION in Kenya are among the high-quality market leaders Prudential Financial and LeapFrog Investments have invested in since 2016.
In addition, according to LeapFrog Investments, it is supporting the great team at Alexander Forbes in continuing to give life-changing access to retirement and investing advantages throughout Southern Africa through its strategic partnership with Prudential. This investment reaffirms its commitment to expanding access to financial instruments in emerging markets to help people succeed.
According to the terms of the deal, Prudential Financial will buy a minority stake in Alexander Forbes from Mercer. As per the deal, LeapFrog Investments serves as the investment manager. Regulatory approvals and other typical closing conditions apply to the transaction. The Mauritius Financial Services Commission must approve LeapFrog’s employment as an investment manager.