POWERED BY MOMENTUM MEDIA
AMP SMSF acquires Supercorp’s SMSF administration business
AMP SMSF has acquired the SMSF administration business of Queensland-band software provider Supercorp.
As part of the acquisition of Supercorp’s YourSMSF brand, AMP will add 1,200 accounts and take a 19.4 per cent stake in Supermate, Supercorp’s administration software solution.
AMP’s Multiport SMSF administration business currently uses Supermate as part of its platform.
Of the acquisition, AMP SMSF managing director Paul Sainsbury said it reflected the business’ focus on growth and improving the customer experience.
“Technology is a key enabler in this market so we are also pleased to be investing in Supercorp’s software solution, Supermate, and we look forward to working closely with them on future technology developments,” he said.
AMP is in the process of contacting Supercorp’s YourSMSF customers about the acquisition and ensuring that they are not disrupted by the change.
Founder and CEO of Supercorp Kurt Groeneveld said AMP has used many SMSF administration technology options through its different SMSF businesses.
Groeneveld, who was previously director of Trio Capital, had entered into an enforceable undertaking with the Australian Prudential Regulation Authority.
The regulator said it sought the enforceable undertaking due to concerns Groeneveld might have contravened the Superannuation Industry (Supervision) Act 1993 by failing to carry out his duties as a director of a superannuation trustee.
Groeneveld was a non-executive director of Trio from November 2005 to April 2007, before Trio collapsed in 2009.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
