Summary
- Octagon CEO Fred Waswa Tuesday said his firm had signed a strategic partnership with the listed South African firm allowing Octagon to take over all MNC pension business in Kenya, Uganda and Zambia.
- Last year Alexander Forbes announced a renewed business strategy that saw them abandon provision of in-country pension business for international clients in favour of provision of continent wide advice-led integrated retirement solutions and wealth management services.
Johannesburg-based Alexander Forbes business realignment has
handed Kenya’s Octagon Africa multinational company (MNCs) pension
accounts, raising the local firm’s assets under management to Sh130
billion.
Octagon chief executive Fred Waswa Tuesday
said his firm had signed a strategic partnership with the listed South
African firm allowing Octagon to take over all MNC pension business in
Kenya, Uganda and Zambia.
“We are in discussions to
expand our services to take over Alexander Forbes business in Uganda,
Rwanda and Ghana. That is our next growth phase where we partner with
established companies to improve our product offerings as well as enter
new markets,” he said.
Last year Alexander Forbes
announced a renewed business strategy that saw them abandon provision of
in-country pension business for international clients in favour of
provision of continent wide advice-led integrated retirement solutions
and wealth management services.
Retirement Benefits
Authority (RBA) chief executive Nzomo Mutuku backed such partnerships
saying they give platforms for Kenyan companies to scale up operations
across Africa.
“This is the best model for growing local expertise on matters
pensions management and RBA looks forward to such partnerships that give
Kenyans a chance to serve on a global scale,” he said Octagon—which has
200 corporate clients with 130,000 members and Sh100 billion under
management—said its Kenyan clientele will benefit from new products
earlier offered to Alexander Forbes clients.
The deal
also sees Octagon take over clients earlier served by global health and
wealth management consultancy Mercer mostly drawn from MNCs operating in
Africa. Alexander Forbes chief executive Dawie de Vililers said the
revenue sharing partnership gives them an avenue to return to Kenya
after a three-year absence. The firm operated in Kenya for 18 years
before it sold off its interests to a local firm.
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