FINANCE: Old Mutual To Buy 100% Of acsis
Recent Western Cape Business News
Old Mutual is set to buy 100% of acsis for an undisclosed amount, and operate it as an independent, standalone business.
acsis is a leading asset consulting and financial planning business which, through its strategic and business partners, serves both the private client and institutional retirement fund markets. Based on strong client relationships, it adopts a unique outcomes approach to consulting.
Old Mutual South Africa Managing Director Paul Hanratty says the purchase is in line with Old Mutual’s strategy of transforming the business into a savings and wealth manager. Old Mutual has for many years respected the acsis advice and business model where acsis serve a particular niche in the private client and retirement fund market.
“With this acquisition we can gain access to these target market. acsis, with its relationships with the leading financial planners in the country, will play a key role going forward in reaching these access points,” Hanratty comments.
Announcing the deal today, Old Mutual South Africa Managing Director: Retail, Ralph Mupita says as part of the deal, acsis would continue to work under its current brand, business model and management team. Management have committed to the business for a minimum of five years. A retention and deferred performance incentive program has been drawn up to ensure that management continues to grow the business.
Old Mutual and acsis have entered into a management independence agreement which safeguards the autonomy and independence of acsis to ensure that the company can continue to provide the most trusted advice without any compromise.
Mupita says that there are a number of synergy opportunities that underpin the logic of this deal, and these will be pursued.
“We are enthusiastic about our future relationship with Old Mutual. It provides us with the opportunity to enhance our business and services, while preserving the unique qualities that have contributed to our success to date. Like previous changes in ownership, this will not have any impact on our principles, business model or on the service we provide” says acsis CEO Andrew Bradley.
“The acsis philosophy and approach, together with Old Mutual’s backing, and the combined resources of the two groups, put us in a very good position to take our industry leadership to a new level in the future,” Bradley concludes.
acsis has a relationship with AXA-owned, ipac Securities in the form of an exclusive license to ipac’s intellectual property in South Africa. Notwithstanding the sale, acsis will continue to maintain the exclusive license in perpetuity to the ipac philosophy in South Africa.
Completion of the acquisition is subject to the necessary regulatory approvals and is expected to be finalised in due course.
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