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Sanlam unit to acquire retirement fund administration firm

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Sanlam unit to acquire retirement fund administration firm

Sanlam Life Insurance Ltd. entered into agreements to acquire the entire issued share capital of Absa Consultants and Actuaries Proprietary Ltd. from Absa Financial Services Ltd. for a consideration of 285 million South African rand.

The Sanlam Ltd. unit said Oct. 16 that the transaction, which is expected to complete by the end of 2017, remains subject to certain regulatory conditions, including approval by the Competition Tribunal of South Africa.

Absa Consultants and Actuaries, which holds the entire employee benefits offering of the Absa Group, has a total of 119 retirement funds with 339,614 members and approximately 84 billion rand of assets under administration. The company also provides consulting and administration to retirement funds in the South African retirement fund market.

Absa Financial Services is a unit of Barclays Africa Group Ltd.

As of Oct. 17, US$1 was equivalent to 13.45 South African rand.