The Tribunal has approved, subject to an employment-related condition, the merger whereby Alexander Forbes Financial Services (Pty) Ltd (“AF Financial Services”) intends to acquire standalone Retirement Fund Administration (“RFA”) mandates from Sanlam Life Insurance Limited (“Sanlam Life”). Upon the implementation of the proposed transaction, AF Financial Services will exercise sole control over the RFAs.
 
The AF Group provides services which include retirement funds and asset consulting, actuarial, investment and administration services, employee risk benefits and healthcare consulting, personal lines insurance, individual financial advisory and multi-manager investment solutions. Relevant to the proposed transaction is the standalone RFA services offered by the AF Group. A standalone fund is a private fund that serves one employer or one employer group.
 
The primary target firm is a portion of Sanlam Life’s administration business (“Target Administration Business”). The Sanlam Group conducts operations through business clusters providing life and general insurance, financial planning, retirement, investments and wealth management. Relevant to the proposed transaction is the standalone RFA services offered by the Target Administration Business.