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.