SuperConcepts delivers steady revenue despite dip in market share
SuperConcepts has increased its assets under administration and generated steady revenue for the first half of 2019, despite a slight drop in its share of the SMSF market.
In its half-year results for June 2019, AMP reported that SuperConcepts contributed $21 million from its business operations to other revenue for the first half of 2019.
This is in line with the revenue generated for the first half of 2018 which was also $21 million.
The other revenue category, which includes platform fees and advice fees received by licensees on Australian wealth protection and mature products as well as revenue and product fees for SuperConcepts, generated $17 million in total, down by 70.2 per cent from the $57 million generated in the first half of 2018.
Assets under administration for SuperConcepts increased in the first half of 2019 relative to last year, jumping from $26.7 billion at the end of June 2018 to $27 billion at the end of June this year.
Across its administration and software services, SuperConcepts now supports 50,142 funds, which represents 8.4 per cent of the SMSF market.
“AMP currently provides professional administration services to 19,961 funds and software as a service to a further 30,181 funds,” it said.
This represents a 24.8 per cent drop from the 66,643 funds it supported across its administration and software services at the end of June last year, which accounted for 11.2 per cent of the SMSF market at the time.
AMP was providing professional administration services to 22,925 funds and software as a service to a further 43,718 funds at the end of June 2018.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.