AMP completes SuperConcepts sale

amp SuperConcepts matthew rowe

3 July 2023
| By Laura Dew |
image
image
expand image

AMP has completed its sale of SuperConcepts to private equity firm Pemba Capital Partners.

The firm entered into an agreement with AMP in early June for the self-managed super fund (SMSF) admin and software business. 

Taking over as CEO and managing director will be Matthew Rowe, former CEO of CountPlus, while current SuperConcepts chief executive, Grant Christensen, will depart after two years as CEO and 17 years with the business.

Writing on LinkedIn, Rowe, stated: “I am delighted to announce the sale of SuperConcepts to our new management team with incredible support from our partners at Pemba Capital Partners. 

“It is a privilege to lead this team as the new CEO and managing director and co-invest along with Brad Ackermann and Andrew Row. 

“Our new team will invest in the business and deliver technology-led solutions, great customer outcomes and seek to simplify SMSFs to enable more Australians to control their super in Australia’s growing SMSF market.”

Ackerman, who previously worked at the firm from 2017–2021 and will return as chief operating officer, added:

“Our ownership team shares a vision of harnessing technology to improve customer outcomes and simplifying SMSFs, thereby empowering more Australians to take control of their super.

“The opportunity to return to SuperConcepts brings with it an overwhelming sense of excitement, anticipation and responsibility.”

Ackerman is not the only member of the team with a history at the firm, as Andrew Row previously worked as joint managing director of Cavendish Superannuation, which is now part of SuperConcepts, and as a director of SMSF integration with AMP SMSF.

One of the largest players in the SMSF administration market, SuperConcepts provides SMSF administration, compliance and technology solutions to advisers, accountants and individual investors. 

Speaking at the time of the original announcement, AMP chief executive, Alexis George, said: "This is yet another step in simplifying the AMP business and delivering on the promises to focus on retail banking and wealth management.

“The purchasers are more natural owners of the SuperConcepts business and we will work closely with them to ensure a smooth transition of ownership and continuity for customers.”
 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 7 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days 5 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 8 hours ago