Alexander Forbes Purchases OUTvest: A Strategic Leap into Digital Wealth Management

Alexforbes, a leading financial services provider, has announced its acquisition of OUTvest, a renowned digital wealth platform, as part of its strategy to become the top provider of advice to retirement fund members. The agreement was made with OUTsurance Holdings Limited, the majority owner of OUTvest, and is subject to regulatory approvals.

Description of OUTvest

OUTvest, an award-winning digital wealth platform launched in 2017, has revolutionized the distribution of low-cost wealth products. The platform’s goal is to help customers achieve their financial goals, catering to a wide range of customer segments, including mass and mass affluent customers. It combines automated advice, human advice, administration, and asset management into a seamless digital wealth solution.

CEO’s Statement on Digital Innovation

Alexforbes’ CEO, Dawie de Villiers, expressed his enthusiasm for the acquisition, citing the eventful year that saw the company drive organic new business growth and implement transactions. This acquisition further propels their digital transformation and reinforces their commitment to innovation across their digital estate.

Impressive Growth in Membership Base

The group’s membership base surged by 26% YoY, reaching a significant milestone of 1,088,050 members. This growth is attributable to both new business and strategic acquisitions, positioning Alexforbes as a renowned player in the South African investment landscape.

Scaling Products through Major Channels

OUTsurance Holdings Limited (OHL), the majority shareholder of OUTvest, has a strategic focus on expanding its product offerings through digital, call center, and face-to-face channels. The acquisition of OUTvest aligns with OHL’s vision to scale its wide product set and enhance its position in the wealth management space.

Confidence in the Fit

OUTsurance Group Limited (OGL) has expressed confidence in the compatibility of OUTvest and Alexforbes. Considering Alexforbes’ strong track record and expertise in the South African investment landscape, OGL believes that the acquisition will unlock the full potential of OUTvest’s investment platform.

Regulatory Approvals and Commercial Conditions

The successful completion of the acquisition is contingent upon obtaining the necessary regulatory approvals and fulfilling commercial conditions precedent. Both Alexforbes and OUTvest are committed to working together to meet these requirements and ensure a smooth process.

Minimizing Disruption

To guarantee a seamless transition and minimal disruption for customers, employees, and suppliers, Alexforbes and OUTvest will collaborate closely. This collaborative effort will ensure that the integration is accomplished efficiently, and that all stakeholders are well-informed and supported throughout the process.

The acquisition of OUTvest marks a significant milestone for Alexander Forbes in its digital journey and transformation into a leading provider of advice to retirement fund members. Through the collaboration with OUTvest, Alexander Forbes aims to leverage its expertise and expand its digital wealth solutions, offering high-quality, low-cost products to a wider range of customers. As the regulatory approvals are obtained and commercial conditions fulfilled, Alexander Forbes and OUTvest anticipate a seamless transition that will pave the way for future success, solidifying their positions in the dynamic wealth management industry.

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