The Competition Tribunal has unconditionally approved the proposed merger in which Old Mutual Corporate Ventures (Pty) Ltd (“OMCV”) will acquire a stake in Fairheads Benefit Services (Pty) Ltd (“FBS”) and Fairheads Financial Services (Pty) Ltd (“FFS”), (collectively, the “target firms”). Following the implementation of the proposed transaction, OMCV and Vunani Capital (Pty) Ltd (“Vunani”) will jointly control the target firms.

 

OMCV is part of a diversified financial services group offering pension, provident or retirement annuity fund services to individual and corporate clients. These products often require administration services, where beneficiaries are minors or where benefits remain unclaimed. OMCV manages beneficiary and unclaimed benefit funds solely from its own retirement products. These services are not available to third parties. It outsources some of this administration to FBS and FFS.

 

Both FBS and FFS are controlled by Vunani. FBS administers beneficiary and unclaimed benefit funds and FFS provides tracing services to FBS to locate and contact beneficiaries.