AMP SMSF acquires Supercorp’s SMSF administration business

AMP SMSF has acquired the SMSF administration business of Queensland-band software provider Supercorp. 

As part of the acquisition of Supercorp’s YourSMSF brand, AMP will add 1,200 accounts and take a 19.4 per cent stake in Supermate, Supercorp’s administration software solution. 

AMP’s Multiport SMSF administration business currently uses Supermate as part of its platform. 

Of the acquisition, AMP SMSF managing director Paul Sainsbury said it reflected the business’ focus on growth and improving the customer experience. 

“Technology is a key enabler in this market so we are also pleased to be investing in Supercorp’s software solution, Supermate, and we look forward to working closely with them on future technology developments,” he said. 

AMP is in the process of contacting Supercorp’s YourSMSF customers about the acquisition and ensuring that they are not disrupted by the change.

Founder and CEO of Supercorp Kurt Groeneveld said AMP has used many SMSF administration technology options through its different SMSF businesses. 

Groeneveld, who was previously director of Trio Capital, had entered into an enforceable undertaking with the Australian Prudential Regulation Authority. 

The regulator said it sought the enforceable undertaking due to concerns Groeneveld might have contravened the Superannuation Industry (Supervision) Act 1993 by failing to carry out his duties as a director of a superannuation trustee. 

Groeneveld was a non-executive director of Trio from November 2005 to April 2007, before Trio collapsed in 2009.

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