A spokesperson for AMP has confirmed that the sale of its self-managed superannuation fund (SMSF) administration and software business, SuperConcepts, to a private management group and Pemba Capital Partners has been completed.
The transaction, expected to be completed in the third quarter, has wrapped up, allowing the wealth manager to focus on its core retail banking and wealth management businesses.
At the time the transaction was first announced, AMP chief executive Alexis George said: “This is yet another step in simplifying the AMP business and delivering on the promises to focus on retail banking and wealth management.”
“The purchasers are more natural owners of the SuperConcepts business, and we will work closely with them to ensure a smooth transition of ownership and continuity for customers.”
The wealth manager also said that upon completion of the transaction, AMP will receive an upfront cash consideration of approximately $8 million, subject to typical post-completion adjustments.
SuperConcepts is a provider of SMSF administration, compliance, and technology solutions to financial advisers, accountants, and individual investors, and has approximately 500 employees who will transfer out of AMP with the sale.
In a separate statement also issued in early June, SuperConcepts said the transaction, targeted to be completed by Q3 2023, allows the business to operate under private ownership led by a “focused management team” with “deep experience” and track record in Australia’s SMSF administration and related technology platform space.
“SuperConcepts has a long history in the SMSF market, originating from a collection of strong independent businesses to become a leader in the industry. This transaction supports the future growth of the business, with the new management team having a clear focus on continuing to improve outcomes for our clients,” said Grant Christensen, outgoing SuperConcepts chief executive officer said at the time.
Incoming managing director Matthew Rowe added: “Our team will invest in the business and deliver technology-led solutions, great customer outcomes, and seek to simplify SMSF to enable more Australians to control their super in Australia’s growing SMSF market.”
Rowe issues LinkedIn confirmation
Mr Rowe also took to LinkedIn following the transaction’s completion with an update.
“I am delighted to announce the sale of SuperConcepts to our new management team with incredible support from our partners at Pemba Capital Partners,” he wrote.
“It is a privilege to lead this team as the new CEO and managing director and co-invest along with Brad Ackermann and Andrew Row.
“Our new team will invest in the business and deliver technology-led solutions, great customer outcomes, and seek to simplify SMSFs to enable more Australians to control their super in Australia’s growing SMSF market.”
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.