AMP's SMSF division has acquired Supercorp's SMSF administration business, the group has announced today.
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.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all