The Competition Tribunal of South Africa has approved the merger between Alexander Forbes Financial Services and the Retirement Fund Administration mandates from Sanlam Life Insurance Ltd.
The merger is subject to an employment-related condition.
Upon the implementation of the proposed transaction, Alexander Forbes will exercise sole control over the RFAs.
The Group provides services which include retirement funds and asset consulting, actuarial, investment and administration services, employee risk benefits and healthcare consulting, personal lines insurance, individual financial advisory and multi-manager investment solutions.
Relevant to the proposed transaction is the standalone RFA services offered by the Alexander Forbes Group. A standalone fund is a private fund that serves one employer or one employer group.
The primary target firm is a portion of Sanlam Life’s administration business. The Sanlam Group conducts operations through business clusters providing life and general insurance, financial planning, retirement, investments and wealth management. Relevant to the proposed transaction is the standalone RFA services offered by the Target Administration Business.
