AMP has sold its superannuation software company

AMP has sold SuperConcepts, a self-managed super fund (SMSF) software and administration business, to a private management group and Pemba Capital Partners for $8 million. The transaction is expected to result in an accounting loss of approximately $7 million, according to AMP’s announcement to the Australian Securities Exchange. SuperConcepts offers SMSF administration, compliance, and technology solutions to financial advisers, accountants, and individual investors. With the sale, approximately 500 employees will transfer out of AMP. The move aligns with AMP’s efforts to simplify its business and focus on core retail banking and wealth management operations. The management group, including Matthew Rowe, will lead the SuperConcepts business after the expected completion of the transaction by the end of the third quarter of 2023. AMP’s CEO, Alexis George, expressed confidence that the purchasers are well-suited to be the new owners of SuperConcepts, emphasizing a smooth transition of ownership and continued service for customers.