Challenger Limited has entered into an agreement to acquire SMSF actuarial certificate provider Bendzulla Actuarial.
Challenger intends to work with Bendzulla to expand its service offerings to SMSF customers and their accountants, according to a statement released on the ASX yesterday.
Bendzulla is a strategic investment for our company in terms of SMSF retiree research, product and service development and distribution, said Challenger's chief executive officer, Brian Benari.
Bendzulla Actuarial is a provider of SMSF actuarial certificates, with a market share of more than 50 per cent serviced through relationships with approximately 5,500 accounting firms.
Employing 23 people, Bendzulla will remain headquartered in Hobart, operating as a wholly-owned subsidiary. Chief executive Tracy Williams will report to Challenger’s chief executive of distribution, product and marketing, Paul Rogan.
Challenger's $25 million acquisition of Bendzulla Actuarial is earnings accretive, meets the required 18 per cent pre-tax ROE hurdle, and will be funded from cash reserves, the ASX release said.
The acquisition is scheduled to complete in January 2014.
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