Expansion

Alexander Forbes continues strategic European actuarial growth with Swiss acquisition.

Alexander Forbes Group member Lane Clark & Peacock LLP (LCP) has expanded its reach into the European actuarial market with the acquisition of Libera AG, Switzerland’s largest independent employee benefits consulting business, announced CEO Rael Gordon today.

“This deal gives us a leading position in the Swiss actuarial consulting market and marks an important step forward in our strategic plans to build an effective European actuarial consulting business,” commented Gordon.

“We anticipate that this market sector will become increasingly important as businesses seek solutions to long term pension funding issues.

LCP is Alexander Forbes’ independent actuarial consulting business in the United Kingdom.

Gordon said that the formation of LCP Libera, marks a further step in LCP’s strategic plan to develop an actuarial consulting capability serving European countries with developed, funded pension systems.

LCP Libera has been acquired from Ernst & Young for an initial consideration of approximately Swiss Francs (CHF) 20 million (R98m).

The acquisition is to be financed largely from local borrowings and from internal cash resources. Libera produced turnover of CHF 18.5 million (R92m) in the year to 30 June 2004.