Alexander Forbes takes first UK EBC steps

The move marks the beginning of the adviser’s plan to replicate its South African employee benefits consulting (EBC) business in the UK, following a spate of senior hires including new chief executive Tony Gusmao, who took on the role in May.

The firm currently works with existing UK EBCs to provide advice to firms and schemes on a variety of matters such as asset allocation and liability calculation, but these will be the first times it has taken on the sole consultancy role for large schemes.

Alexander Forbes has also taken on four consultants and three actuaries to bolster its proposition, enabling it to broker buyout deals and longevity swaps.

Gusmao, who previously worked for the company in its South Africa office, told schemeXpert.com 's sister title
Pensions Week : “We will be doing asset-liability modelling and deficit reduction for defined benefit schemes, of a sort we haven’t done in the UK previously.

“And we will be making asset allocation decisions on trustees’ behalf, although with their awareness, instead of just advising them.”