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SANLAM LIMITED - J.P. MORGAN CHASE & CO. IS IN EXCLUSIVE NEGOTIATIONS TO ACQUIRE
TASC FROM SANLAM LIMITED
SANLAM LIMITED
SHARE CODE: SLM
ISIN CODE: ZAE000028262
J.P. MORGAN CHASE & CO. IS IN EXCLUSIVE NEGOTIATIONS TO ACQUIRE TASC FROM SANLAM
LIMITED
JOHANNESBURG March 8, 2004 - JPMorgan"s Investor Services division has announced
today that it is in exclusive negotiations to acquire TASC Administration (Pty)
Limited and TASC Administration (Dublin) Limited (Collectively TASC) from Sanlam
Limited. Sanlam and JPMorgan are in advanced discussion and expect to sign a
Sale and Purchase Agreement shortly.
Cape Town based TASC, is South Africa"s largest independent third party
administrator and was created in January 2000 from the administration division
of Sanlam Investment Management and focuses on institutional asset
administration, with a staff compliment of 140, TASC has 15 clients with
approximately R320 billion in assets under administration.
This deal will represent a significant strategic step for Sanlam, JPMorgan South
Africa and JPMorgan Investor Services. For Sanlam the deal will complete its
strategic initiative of developing TASC from a local South African business into
a truly global operation. It will also give Sanlam and its clients access to
market-leading technology and services. For JPMorgan it represents a further
commitment to and investment in South Africa and the significant business
potential of the South African market in its own right and as an international
financial services centre.
John Coulter of JPMorgan South Africa said, "We at JPMorgan are excited about
the acquisition of TASC as a further commitment to South Africa and a
significant development of our South African franchise within the context of our
global business."
Johan van der Merwe, Chief Executive Officer of Sanlam Investment Management,
said "TASC has grown strongly since inception to the point where it is by far
the largest third party administrator in the country. Further growth will be
dependent on expanding into the global arena. After discussions with many of the
leading international players, we selected JPMorgan as the most suitable company
to achieve this. They share our vision to introduce a black economic empowerment
partner in TASC and have agreed to do so post completion of the JPMorgan
integration. Third party administration is part of JPMorgan"s core business and
their ability to leverage their technology and skills should lead to the
expansion of TASC and create job opportunities in South Africa. Furthermore,
independence from our asset management company will also aid growth".
For JPMorgan Investor Services the acquisition would be a significant step
towards its strategy of becoming a global investment administration provider to
the world"s leading asset managers. In addition, it establishes a scaleable
platform in South Africa to support Investor Services growth objectives together
with providing a first class administration service for its clients.
The alignment in terms of people, process and platforms with JPMorgan"s
international business is strong, allowing for the skills transfer between
JPMorgan"s global offices and TASC South Africa, with international best
practices being introduced locally.
Tom Swayne, Global Business Executive for JPMorgan Investor Services said, "In
TASC we have seen a company with great vision and potential, a vision we share.
We believe, as a fully functional Third Party Administrator coupled with the
JPMorgan brand and broad product capability, TASC is perfectly aligned with the
domestic and international service needs and growth ambitions of financial
institutions in South Africa, as they adopt an ever-increasing international
profile. This, coupled with Sanlam Investment Management as an anchor client,
gives us huge optimism for the future success of this acquisition."
Date: 08/03/2004 02:10:01 PM Produced by the JSE SENS Department
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