Equity Trustees has announced it will partner with SuperConcepts, which will take on its platforms business clients of Australian Executor Trustees (AET).
The AET platforms business, part of Equity Trustees’ acquisition of AET in August 2022, comprises SMSF administration and custody, Platform Management Services (PMS), and Small APRA Fund (SAF) administration and custody.
The new enterprise service agreement will enable SuperConcepts to continue delivering specialist superannuation and platform services to AET’s clients and allow SuperConcepts to receive SMSF and PMS clients from Equity Trustees.
The firms are working together to ensure a streamlined transfer of SMSF and PMS services
with minimal disruption to advisers and clients.
The separate transition of SAF administration to SuperConcepts is expected to be completed in the second half of the financial year 2024.
SuperConcepts developed, owns, and operates SuperMate, the only tailored SAF platform in the Australian market.
“We will be working closely with SuperConcepts, and advisers and clients of the platforms business to ensure the process, and any options available to them, are clearly communicated and the transition process is efficient,” said Mick O’Brien, managing director of Equity Trustees.
He added that Equity Trustees will continue to have a role by providing SAF trusteeship through its superannuation licensed entity Equity Trustees Superannuation Limited.
This will also include the provision of select non-standard asset custody for the SAFs, via another Equity Trustees subsidiary.
“We are pleased to have reached an arrangement with the market leading provider of administration services, which is an excellent outcome for clients of this part of the AET business,” O’Brien continued.
“For Equity Trustees, the exit from the platforms business enables us to maintain our focus on our core business of trustee services.”
Matthew Rowe, managing director of SuperConcepts, said the firm is uniquely qualified to efficiently service the administration needs of AET’s clients and their advisers.
“Led by an executive team of extensive industry experience, SuperConcepts is committed to ensuring our service offerings are held to a high standard of care. Our enterprise-grade solutions provide clients the benefit of specialised administration support and tailored expertise,” he commented.
“This agreement stems from rigorous due diligence by both parties to secure optimal client outcomes. With a dedicated team streamlining the onboarding of referred clients, we aim to automate much of the process for a swift and smooth service transition.”
In the year to 30 June 2023, Equity Trustees’ funds under management grew by 7.5 per cent from FY22 to $160.1 billion, reflecting a steady upward trend.
It also announced a 27 per cent increase in revenue from FY22, reaching $141.4 million this financial year.
