EQT outsources SAF admin to Super Concepts
Only a year after exiting AMP Limited, self-managed superannuation funds (SMSF) business Super Concepts has expanded as a result of picking up administration of the Equity Trustees (EQT) Small APRA Funds (SAF) business.
EQT announced to the Australian Securities Exchange (ASX) that it had transitioned administration of the SAF business to Super Concepts on 3 June,
However, the announcement reinforced that EQT remained as trustee of the funds through Equity Trustees Superannuation Limited.
It described transfer of the SAF administration to Super Concepts as the completion of one of two key strategies resulting from its acquisition of Australian Executor Trustees when it said it intended to exist the AET Platform business and outsource the SAFs.
It said the SAF business covered a portfolio of more than 400 funds and $600 million in assets.
EQT said that its exit from the AET platform business through a progressive wind-down is well advanced.
The ASX announcement said that EQT now expects to achieve the net cost synergy $3.5 million per annum originally estimated.
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