Alexander Forbes Ltd said it exited its 60% holding in Lane Clark & Peacock's Swiss unit to management at the end of 2013. The sale price of the said stake was not disclosed, according to Bloomberg Businessweek.
Alex Forbes is the biggest independent retirement fund administrator in Africa. The company acquired the Swiss business in 2004 for $22 million. The unit was then merged with British actuarial adviser LCP, the report detailed.
According to Chief Executive Officer (CEO) Edward Kieswetter, the company would consider offers for the remaining European operations of LCP as prepares to go public in the second half of 2014. He also said the company has not received more offers, the report stated.
The retirement fund administrator has been divesting assets before the initial public offering (IPO) in Johannesburg. Alex Forbes sought counsel from Rand Merchant Bank and Deutsche Bank AG last year on the planned IPO, Bloomberg Businessweek reported.
Join the Conversation