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.
My Dear Comrades....I don't think the Public Servants in the Department of Red Tape really care about "challenges".
Gender Super Gap is rather pointless as a measure of inequity when it only considers one part of a persons…
The problem with the left is not just their identity politics, but that they think the government must provide everything…
Arrogant Snake Chalmers
No comments from ASIC on asset valuations for unlisted assets held in the union funds? What a surprise. Can ASIC…