Alexander Forbes warns it is discussing potential sale of noncore operations
Pension fund manager and insurance group Alexander Forbes raised its interim dividend 13% to 17c for the six months to end-September. Its fee and commission income grew 5% to R2.9bn while aftertax profit 3% grew to R416m, it reported on Monday morning. Besides its interim results statement, Alexander Forbes issued a cautionary statement saying it was involved in negotiations regarding the potential disposal of certain noncore operations outside Africa. This possibly refers to its UK-business Lane Clark & Peacock whose operating income increased by 5% to £46m and profit from operations by 3% to £6.6m, it said in its interim results statement. Bonds beat stocks over the reporting period, Alexander Forbes said. The JSE’s all share index grew 0.9% while the Bond Exchange of SA (Besa) index grew 8% over the six months. Its fund management divisions’ margins suffered due to the trend of clients moving assets within the group’s specialised investment product range to balanced portfolios an...
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