Tranzact Financial Services Limited (TFS) is pleased to announce the acquisition of a further 40% interest in Group Insurance and Superannuation Concepts Pty Ltd giving Tranzact a controlling interest of 65% in GIS Concepts. The acquisition is another key step in the development of Tranzact’s strategy to rationalise and grow its superannuation master fund business. GIS Concepts has significant strengths in the promotion of superannuation and insurance and has strong relationships with advisers. Tranzact will continue to work closely with GIS Concepts to evaluate all options to ensure that the rationalisation of Tranzact’s Smartsave ‘Member’s Choice’ Superannuation Master Plan can be effected expeditiously and in the best interest of the members.
The acquisition has been funded from Trazact’s existing bank facilities and the financial consolidation of GIS Concepts will be earnings per share positive for Tranzact. GIS Concepts was formed in 1994 as Group Life Management Pty Limited. In 1999 it acquired Smartsave Superannuation Administration Pty Limited and through this acquisition the Promoter’s rights to Smartsave. The two companies combined under the umbrella of GIS Concepts in 2002 to reflect their expertise in the fields of superannuation, retirement products and risk.
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