EXECUTIVE COMMITTEE APPOINTMENT
Alexander Forbes reshapes team
Retirement administrator Alexander Forbes has reshuffled its senior management team again, with two new faces joining its executive committee.
This is in preparation for the departure of Investment Solutions MD Derrick Msibi and emerging markets head Luendran Pillay’s shift to the group’s institutional clients division.
Msibi, an eight-year veteran of the group, is leaving to pursue other interests and will be replaced by Leon Greyling, who joins from insurer MMI’s corporate and public sector division from March 14. Greyling previously served as deputy CEO of Investment Solutions rival Sygnia Asset Management.
Swiss national Bernhard Schluep will take over the reins at the emerging markets business from April 1 pending the issue of a valid South African work visa. He was the global head of life insurance at UBS, the largest Swiss banking group.
Alexander Forbes group CEO Andrew Darfoor, who joined the firm in September 2016, said the two executives would assist the group in implementing its refocused pan-African strategy.
The group has said it would refine its strategy to focus on Africa, leveraging its relationships with majority shareholder Mercer and empowerment partner African Rainbow Capital, which bought 10% of its African business for R753m.
The latest shuffle follows the resignation of group chief financial officer Deon Viljoen, who will join Discovery at the end of April; and the retirement of institutional financial services head Peter Edwards, who departs in March. The group is retaining Edwards as a senior adviser.
PSG Wealth analyst Adrian Cloete said not too much should be read into the executive reshuffles. "There have been many management changes, but this does sometimes happen when a new CEO is appointed from outside the company."