SuperConcepts, which was sold in early June by AMP, has reportedly cut its workforce dramatically, with a number of staff ending their employment last week, and others finishing their time with the company at the end of this week.
SMSF Adviser was informed that the majority of the staff who have ceased employment with SuperConcepts worked in the technical advice and sales departments.
The new management of SuperConcepts is led by Matthew Rowe, and the purchase of the company was backed by private equity firm Pemba Capital Partners.
Mr Rowe has previously served as CEO and NED across ASX-listed and private companies, most recently as the chief executive officer and managing director for listed accounting and financial planning firm CountPlus, as well as former managing director of Hood Sweeney, Australia’s 30th largest accounting firm.
He has also served as former chairman of the Financial Planning Association of Australia. Matthew holds a bachelor of economics, is a Fellow of CPA Australia, a Fellow of CAANZ, a certified financial planner (Life) and a graduate of Harvard Business School.
At the time of the sale, it was reported SuperConcepts had around 500 employees that were transferred across from AMP as part of the sale.
In a statement to SMSF Adviser, the new management team said it is committed to driving the next phase of growth for the SuperConcepts business with a “stand-alone focus”.
“The team brings a desire to deliver technology and service enhancements – including to the SuperMate™ offer – to meet increased market demand for cost-effective, robust SMSF administration services, with the goal of simplifying SMSF so that more Australians can control their super,” the statement said.
“In an effort to move away from an institutional cost base of the previous owners, we have made some changes. As we are moving through a consultation process, it is inappropriate to make comment at this time.”
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