AMP SMSF will wholly acquire Supercorp’s daily and annual administration business under the YourSMSF brand, which has 1,200 accounts, and take a 19.4 per cent stake in Supercorp’s software solution Supermate.
AMP SMSF Managing Director Paul Sainsbury said the acquisition reflected AMP SMSF’s focus on growth.
“Building scale and efficiency in our SMSF administration systems and processes is a priority for us as it will mean a better overall experience for our customers,” he said.
“SMSFs are the fastest growing superannuation segment and the addition of a further 1,200 accounts through our acquisition of YourSMSF positions us well for further growth and cements our leading position in the SMSF administration market.”
AMP is in the process of contacting Supercorp’s YourSMSF customers about the acquisition and both AMP and Supercorp are working on bringing the respective SMSF administration operations together, according to the announcement.
AMP’s Multiport SMSF administration business has been a long term client of Supercorp’s technology solutions and uses the Supermate software as part of its administration platform, AMP stated.
Agree to the point from ad:
[quote]Go where as they purchased the bulk of the major smsf administrators[/quote]
Like all large financial institutions AMP has seen the billions of dollars moving into SMSFs and want to grab their share.
You will see the big 4 banks following suit shortly.
Contrary to the headlines, the independent SMSF administration industry is going very well. I know our business (both trustee direct and outsource solutions for advisors) are experiencing significant organic growth.
I am sure advisors and trustees alike who seek independent SMSF admin and advice services will not lack choice.
go where as they purchased the bulk of the major smsf administrators. SMSF compliance is specialist area you don’t want to leave to a general tax accountant to have the compliance work done
How can AMP adminster SMSF’s and offer ‘independent financial advice’ to trustees… I wonder whos products they are going to recomend investing in… This is the definition of bias advice. How does ASIC miss this and target smaller firms.
I wonder what trustees will feel about this change – they are free to leave…. if they get intimidated
So all this goes under the regulators noses, AMP have pretty much acquired all the major SMSF administrators. Wonder what they are up to.