Superannuation administration firm Tranzact Financial Services (Tranzact) has increased its presence in the self managed super fund (SMSF) sector by taking a further stake in SMSF specialist, Total Super.
The Sydney-based firm announced yesterday it had increased its stake in the group to 91 per cent. Tranzact will acquire Total Super for almost $3 million.
On March 3 Tranzact announced it would buy Brisbane-based Total Super because of its web-based superannuation services and efficient administration systems to boost its business in the do-it-yourself (DIY) sector.
"It gives us access to 900 DIY funds and [Total Super] have got a very good system in terms of administration management and compliance and it will give us a low cost DIY solution," Tranzact secretary Richard Rodgers told InvestorDaily.
The company is looking to further boost the efficiency in its administration platform by making its own software or acquiring others, Rodgers said.
Last year, Tranzact bought 20 per cent stakes in two New Zealand planning firms and made a deal with Royal Parade, Victoria based Gold Financial to expand its DIY distribution.
Rodgers said that nothing new has surfaced yet from merger discussions with Tranzact and its part owner, Grosvenor Financial Services.
Tranzact's shares finished unchanged at 21.5 cents in trading yesterday.
