AMP increased its ownership of SuperIQ from 51 per cent to 100 per cent, and has also increased its stake in SuperCorp from 20 per cent to 100 per cent.
“SuperIQ is an important driver for AMP in creating a seamless and best-in market customer experience for SMSF administration,” an AMP-issued statement said.
SuperIQ currently has 4,641 funds under administration, while SuperCorp having more than 27,000 funds on its administration platform.
“The purchase of SuperCorp allows AMP to develop a market-leading end-to-end service for customers, including a software-only option for administration,” the statement said.
The recent acquisitions follow the purchase of administration business Justsuper in July 2015. Justsuper had approximately 1,000 funds under administration.
AMP introduced a new strategy in regards to its SMSF arm in September 2014, marking organic growth and acquisitions as the way forward.
