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.
ASIC have ignored property marketers flogging properties to SMSF's for years, this won't change because of the budget. All of…
FAAAAAAAAAAAAAAAAA sound like an ISF mouthpiece. ASIC need to stop SMSF Property spruikers, I have handed them a case for…
Seriously FAAA? How about you focus on the detriment of CGT and negative gearing changes to share portfolios and stay…
No - no carve outs for accountants. If they want to provide financial advice, they can jump through all the…
Many accountants already provide bucket loads of illegal AFSL Super / SMSF Advice and ASIC do nothing about it. Accountants…