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AMP sells SMSF business to PE-backed consortium

Mike Taylor

Mike Taylor

Managing Editor and Publisher

8 June 2023
AMP LImited logo

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.

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