As part of an expansion strategy, superannuation administration firm Tranzact Financial Services (Tranzact) has acquired Australian Superannuation Consultants Pty Ltd (ASC).
According to managing director Allan Yeo the acquisition is a key step in Tranzact's plans to expand its offering in the self managed super fund (SMSF) sector.
"We decided to expand our SMSF focus as it is one of the fastest growing sectors in superannuation. The benefits of acquiring ASC are that it gives us a strong skill set, more staff and a system suitable for the markets," said Yeo.
The Sydney-based firm acquired ASC from its founding principals Ian Crilly and Mark Ellem, both of which have signed long-term contracts to stay on as part of ASC's senior management team.
Crilly will provide general taxation advice and specialises in estate planning and succession planning matters. Ellem specialises in superannuation structuring, administration, auditing and advising.
"The addition of Ian and Mark is just as important as the other capabilities inherited in the acquisition," said Yeo.
ASC was formed in 1998 to provide SMSF administration, compliance and advisory services to fund trustees, accountants and financial advisors in Queensland, Victoria and NSW.
