AMP sells SMSF business to PE-backed consortium
AMP Limited has sold its SuperConcepts self-managed superannuation funds (SMSF) business to a private equity-backed consortium led by former CountPlus chief executive, Matthew Rowe.
In a transaction valued at $8 million, the SuperConcepts business will transition to the new consortium in July, bringing to an end AMP’s foray into the SMSF space which began in 2015.
The transaction sweeps up the SuperMate, Ascend, Cavendish, SMSF Managers and More Super brands which AMP acquired over time in a bid to gain ascendancy in the SMSF space.
The transaction sees AMP further reducing its footprint to a core made up of AMP Bank, its North Platform and its financial planning business.
The Rowe-led consortium is backed by private equity group, Pemba Capital Partners.
SuperConcepts and AMP Bank are both very good standalone businesses hamstrung by the AMP brand taint. AMP Bank will be next to go.
Funny!!
Yesterday I attended a SuperConcepts webinar on insurance in SMSFs.
NOT A DICKY BIRD ABOUT AMP SELLING THE BUSINESS
Seems full disclosure is just for advisers!
Public company has disclosure rules.
Outside of North, I am struggling to see the relevance of AMP in our industry anymore. It seems providing services to advisers is no longer in their remit and I would be very nervous If I were still licensed with them!
On the positive, service from SuperConcepts will probably lift once AMP are no longer running it!
@bigman one can only hope re service standards at SC. We are constantly correcting them