Investment management company Challenger Ltd has inked an deal to buy Bendzulla Actuarial, a provider of self-managed superannuation fund (SMSF) services. The acquisition deal is valued at $25 million, according to Business Spectator.
Challenger said in a statement to the Australian Securities Exchanges (ASX) that the transaction was a strategic investment in the area of SMSF retiree research, distribution, and product and service development, the report detailed. According to Challenger, it will work with Bendzulla for the expansion of its service offerings to its SMSF customers and accountants, said the report. In addition, Challenger also said the acquisition will be funded from its cash reserves. The said transaction is scheduled to be completed at the beginning of 2014, Business Spectator reported.
According to the Australian Taxation Office (ATO), SMSFs are also a way of saving up for retirement, just like other superannuation funds. The difference is that in SMSFs, the members are also the trustees. The SMSF members run it for their own benefit, the ATO explained.
Challenger Limited is an investment management firm listed in the ASX. As of September 2013, the company manages over $46.1 billion in assets. The firm helps provide Australians with financial security in retirement and convert this wealth into reliable income streams, according to the company website.
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