AMP confirmed it has acquired SuperIQ and SuperCorp.
The firm has increased its ownership of SuperIQ from 51 per cent to 100 per cent.
SuperIQ has 4,641 funds under administration.
“SuperIQ is an important driver for AMP in creating a seamless and best-in-market customer experience for SMSF administration,” an AMP spokesperson told SMSF Adviser.
AMP has also increased its stake in SMSF administration technology provider SuperCorp from 20 per cent to 100 per cent.
SuperCorp currently has more than 27,000 funds on its software platform.
“The purchase of SuperCorp allows AMP to develop a market-leading end-to-end service for customers, including a software-only option for administration,” the spokesperson said.
I don’t think they will necessarily have to move platforms, AMP has form for keeping the old products alive despite obvious inefficiencies.
Makes sense from an AMP perspective. They are attempting to control every aspect of the SMSF value chain.
I genuinely feel sorry for the SMSF administrators who have worked hard consolidating everything across to one platform, who will now have to move to another admin platform.
No matter how many resources are put towards transitioning clients, there will be disruptions.
Best of luck to them.