Financial services company AMP has completed the sale of SuperConcepts, its self-managed super fund (SMSF) software and administration business. SuperConcept is sold to a private management group and Pemba Capital Partners. The buyers acquired the business for $8 million.
According to AMP’s announcement to the Australian Securities Exchange, the sale is expected to result in an accounting loss of approximately $7 million. SuperConcepts offers SMSF administration, compliance, and technology solutions to financial advisers, accountants, and individual investors. With the sale, around 500 employees will transition out of AMP and join the new ownership.
AMP initially acquired SuperConcepts in 2015. The company has been undergoing a simplification process, focusing on its core retail banking and wealth management businesses, following a significant financial loss of $2.5 billion in 2019.
The management group purchasing SuperConcepts, in collaboration with Pemba, includes Matthew Rowe, who is set to lead the SuperConcepts business after the expected completion of the transaction by the end of the third quarter of 2023.
AMP CEO Alexis George expressed confidence in the purchasers, stating that they are more natural owners of the SuperConcepts business. AMP will work closely with them to ensure a smooth transition of ownership and continuity for customers.