Financial terms of the deal were not disclosed.
LeapFrog Investments will act as the investment manager following the transaction, which is subject to approval by the Mauritius Financial Services Commission.
Alexander Forbes offers financial advice, investment, retirement, and wealth management services.
The deal follows Prudential’s partnership with LeapFrog to invest in high-growth financial services markets in Africa.
This transaction is expected to help expand Prudential’s presence across the continent.
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Prudential Financial Africa, India, Indonesia, and Business Development regional president Pavan Dhamija said: “We are excited to broaden our presence in Africa and enter South Africa with an investment in Alexander Forbes through our partnership with LeapFrog Investments.
“This transaction underscores Prudential’s continued focus on Africa as a strategically important growth market and our vision to be a global leader in expanding access to investing, insurance, and retirement security. We identified Alexander Forbes as the market leader in South Africa best capable of advancing our vision and strategy.”
LeapFrog Investment COO and partner Gary Herbert added: “Through our strategic partnership with Prudential, we are backing the exceptional team at Alexander Forbes to continue to provide life-changing access to retirement and investment benefits in Southern Africa.”
Commenting on the deal, Alexander Forbes CEO Dawie de Villiers said: “It is an exciting development, and we look forward to leveraging the global insights available through Prudential Financial to enhance our value proposition.”
In 2020, Prudential launched an asset management joint venture in Beijing in partnership with the Chinese conglomerate CITIC Group.