Outsider is new CE

The appointment of Andrew Darfoor as CE of Alexander Forbes last week — nearly six months after Edward Kieswetter quit — has come as a surprise to the investment community.

Darfoor, who starts his new job this week, joins the pension administrator from Canadian insurer Sun Life Financial (SLF), where he headed its international arm.

Investment analysts approached by the Financial Mail have never heard of Darfoor.

“We have not met the man and know very little about him apart from the public CV,” says Abax Investments’ Anthony Sedgwick. He wouldn’t say more until Abax has had a chance to interact with Darfoor directly.

Adrian Cloete, a portfolio manager at PSG Wealth, says: “As Darfoor is an international appointment, I have never met him or actively followed the companies he was involved in. [I’m] not in a position to comment on the appointment.”

Darfoor has more than 20 years’ experience, with stints at insurer Old Mutual, bankers Credit Suisse and UBS, and professional services firm EY.

He’s been CEO of the Bermudan arm of Old Mutual, which he joined as regional financial controller in its American business — now Old Mutual Asset Management.

Alexander Forbes chairman Sello Moloko says the board plans to introduce Darfoor to the