AMP completes SuperConcepts sale

AMP has completed its sale of SuperConcepts to private equity firm Pemba Capital Partners.

The firm entered into an agreement with AMP in early June for the self-managed super fund (SMSF) admin and software business. 

Taking over as CEO and managing director will be Matthew Rowe, former CEO of CountPlus, while current SuperConcepts chief executive, Grant Christensen, will depart after two years as CEO and 17 years with the business.

Writing on LinkedIn, Rowe, stated: “I am delighted to announce the sale of SuperConcepts to our new management team with incredible support from our partners at Pemba Capital Partners. 

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“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.”

Ackerman, who previously worked at the firm from 2017–2021 and will return as chief operating officer, added: “Our ownership team shares a vision of harnessing technology to improve customer outcomes and simplifying SMSFs, thereby empowering more Australians to take control of their super.

“The opportunity to return to SuperConcepts brings with it an overwhelming sense of excitement, anticipation and responsibility.”

Ackerman is not the only member of the team with a history at the firm, as Andrew Row previously worked as joint managing director of Cavendish Superannuation, which is now part of SuperConcepts, and as a director of SMSF integration with AMP SMSF.

One of the largest players in the SMSF administration market, SuperConcepts provides SMSF administration, compliance and technology solutions to advisers, accountants and individual investors. 

Speaking at the time of the original announcement, 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.”