BPO Connect acquisition boosts market share for SuperConcepts
The acquisition of BPO Connect along with organic software growth has seen SuperConcepts increase the number of SMSFs it services by over 5,000 funds, according to the AMP full-year results.
In its 2017 financial year results, AMP reported that its SMSF arm, SuperConcepts, added 5,553 funds to its administration and software services and now supports 59,123 funds, up from 53,570 funds in the 2016 financial year.
The report also indicated that SuperConcepts now provides professional administration services to 18,164 funds, an increase from 16,321 funds in the 2016 financial year.
AMP reported that SuperConcepts now represents 9.9 per cent of the SMSF market, compared with 9.2 per cent in the 2016 financial year.
The growth in funds for the 2017 financial year was “mainly due to the acquisition of SMSF Outsourcing Services, previously BPO Connect SMSF as well as organic software fund growth”, the report said.
AMP outlined that its focus for its Australian Wealth Management business was to “increase revenues in advice and SMSF while remaining vigilant on cost control”.
It also plans to develop a “strong SMSF capability with a focus on building scale, efficiency and profitable growth over the medium term”.
AMP chief executive Craig Meller said AMP has “met its targets on reducing costs, driving new revenue from its advice and SMSF businesses and managing margin compression in wealth management".