AON buys up TSG
Aon Consulting has acquired The Australian Superannuation Group (TASG) for an undisclosed sum.
Aon Consulting has acquired The Australian Superannuation Group (TASG) for an undisclosed sum.
The deal will merge the operations of the two groups and is part of Aon’s efforts to expand its superannuation capabilities. It will now incorporate the two TASG units based in Melbourne and Sydney. TASG currently provides a full range of superannuation and administration services for master trusts, large corporates and DIY funds.
TASG managing director Steven Gaffney says the reason for the merger was to drive business forward beyond current capabilities.
"TASG is privately owned and the capital outlay needed to move forward was out of our reach. To move on we needed a multi-national company and so we approached Aon," Gaffney says.
"Another reason was the staff numbers that could be brought to bear with our 65 staff now teamed with the 130 from Aon. We both previously had some size in the superannuation consulting area but now this moves us into the position of third largest."
Aon also employs a further 45 people in Papua New Guinea and New Zealand.
Aon managing director Stewart Fotheringham says the merger is good news for the large client base of Aon and TASG.
“We’ve seen significant growth in our client base over the past 18-months and this venture will allow us to push ahead and increase our range of services and presence in Sydney and Melbourne," Fotheringham says.
Gaffney, who will take on the role of director of superannuation in the merged company, says it will also make the combined group more competitive.
“Both TASG and Aon are successful companies in their own right and we will have a company with the right culture and work and service ethic to outshine our competitors,” he says.
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