Alexander Forbes, a financial planning firm which is listed on the Johannesburg stock exchange but operates from both South Africa and the U...

Alexander Forbes, a financial planning firm which is listed on the Johannesburg stock exchange but operates from both South Africa and the UK, has recruited a team from Capita Trust to launch a new wealth management unit in London. The team moving over from Capita Trust, a London-based trust and financial planning firm owned by the listed Capita Group, includes Michael Thraves, head of financial planning at Capita Trust, and nine other members of the financial planning team. WealthBriefing was not able to track down all the other names joining Alexander Forbes, but a spokesman for the company said the deal was amicable between the two companies. “This was an agreed deal,” he said. Mr Thraves is to report to Colin Milne, a senior manager at Alexander Forbes. Alexander Forbes is a major independent financial planning group in the UK, with an extensive network of offices throughout the country. It also has offices in Ireland, throughout Asia, Africa and Latin America. The Capita Group was formerly known as the Royal & Sun Alliance Trust Company, and was embroiled in the misselling scandal involving precipice bonds, eventually being fined £300,000 ($527,226) by the UK's financial regulator, the Financial Services Authority in October 2004 for misselling the bonds.