Sargon acquires Diversa

20 December 2018
| By Mike |
image
image
expand image

Financial technology and infrastructure company, Sargon has acquired superannuation trustee services company Diversa Trustees Limited and CCSL Limited from OneVue for $45 million.

The company announced the transaction today and noted that on completion of the acquisition Sargon’s assets under trusteeship and supervision would exceed $53 billion, with over 120 staff operating across three countries. 

 Commenting on the strategic rationale for the transaction, Sargon chief executive, Phillip Kingston highlighted the strength of Diversa’s market position and expertise in trusteeship.  

 “Through a powerful combination of technology and industry experts, Sargon is helping our clients navigate regulatory complexity, as well as mitigate security and compliance risks so they can focus on growth,” Mr Kingston said. 

 “The provision of trustee services is core business for Sargon, so we see a natural fit between Sargon and Diversa. This acquisition will play an important role in Sargon’s growth strategy.

 “Over the past three years Sargon has made a number of strategic acquisitions to bolster our capability and scale in trustee and custodial services, to ultimately deliver the best possible outcomes for our clients.

Completion of the acquisition is contingent on customary transaction conditions

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 19 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 10 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 14 hours ago