SuperConcepts has wholly acquired MORE Super, a firm that provides SMSF outsourcing services to small and medium sized accounting practices.
MORE Super has a sizable international presence, with about 100 of its staff operating on a transnational basis. In the 2017 financial year, it administered and audited about 5,000 SMSFs for around 200 accounting firms.
Chief executive of SuperConcepts Natasha Fenech, who has led several acquisitions since she took the helm in 2013, is bullish about the growth opportunities of this latest addition.
Ms Fenech noted in her official statement this afternoon that both the trustee and intermediary market is in SuperConcepts’ sights.
“I’m looking forward to the opportunities that aligning our two businesses will bring and leveraging competencies to offer a truly unrivalled business value proposition to SMSF intermediaries and trustees,” Ms Fenech said.
Founder and CEO of MORE Super Michael Pease will be joining the SuperConcepts leadership team as general manager of international operations. He also made note of eyeing both the intermediary and direct consumer market of trustees.
“I am excited that MORE Super will be joining a company that has the scale, access to capital and mandate required to drive the SMSF industry and create genuine, feasible solutions for the intermediated and direct-to-trustee market,” Mr Pease said in a statement.
SuperConcepts said MORE Super will continue to operate under its own brand name and with its existing team of employees.
SuperConcepts, which is owned by AMP, recently released its full-year results. It cited its acquisition of outsourcing service provider BPO Connect as key to its growth during 2017.
katarina.taurian@momentummedia.com.au
An increase in size does not always lead to an improvement in capabilities.
Proof will be can SuperConcepts successfully integrate this new business.
In 4 years AMP SMSF / SuperConcepts has not been able to integrate any of the businesses it has acquired.
SuperConcepts operates under multiple brands, utilises multiple platforms & has multiple offshore & onshore operating models.
They talk about building scale & driving business efficiency. So far all they have done is purchased scale & closed down Australian operations.
Long term the acquisition of More Superannuation will only lead to the loss of additional Australian jobs
On one hand the acquisition of More Superannuation is a good fit. Michael Pease brings to SuperConcepts a wealth of experience in offshore operations. SuperConcepts initial foray into offshoring has been hit with problems, in particular a lack of capacity to take on the production gap resulting from the closure of the Multiport offshore solution & reduction Victorian operations.
On the other hand though More Super just increases the confusion around SuperConcepts wholesale offerings, platforms and price point.
The serious question that needs to be answered is how long AMP will continue to spend / lose money on this business. The cost of acquisitions must now exceed $100M, yet the published turnover before the acquisition of More Superannuation was less than $40M, hardly a great return for what is basically an accounting practice.
Under the stewardship of the current management team –
– client service has declined & experienced staff are leaving and
– marketing has delivered commoditised offerings that no one wants & sales cant sell.
– the business restructure / transformation program been poor with SuperConcepts continuing to operate on multiple platforms, on of which (ClassSuper) is their biggest competitor in the software space.
Michael Pease will bring SMSF administration experience to a management team that is severely lacking in this area, but is it all too late?
You can breed a donkey with a donkey but you won’t get a racehorse..
And if you breed a donkey with a racehorse all you get is a mule.
Celebrations all round at SuperConcepts. Welcoming aboard More Superannuation.
? on this ship of fools.
If you cant beat them you might as well buy them
LMFAO. AMP is the Alan Bond to the Kerry Packer that is More Superannuation.
Alan paid once. AMP is the gift that keeps on giving.
Big week for SuperConcepts, new DMS incorporated into SuperMate and a new business to bee incorporated into SuperConcepts. Onwards & upwards.