ANZ eyes digital SMSF market
ANZ has traded self-managed superannuation fund (SMSF) accounting business Super Concepts to part-AMP-owned Super IQ as it redirects into the digital SMSF space.
Super Concepts, ANZ's accounting, tax and compliance subsidiary, was picked up by Super IQ, an administration business 49 per cent owned by AMP, for an undisclosed amount.
Last week, Super IQ also purchased struggling SMSF business Tranzact.
The trade comes as ANZ looks to simplify its SMSF offerings and launch its own digital fund — which it said Super IQ will play a part in.
"We see an opportunity for ANZ to become a key player in the SMSF market, which today is the largest superannuation segment in Australia with assets over $500 billion," CEO of ANZ Global Wealth, Joyce Phillips, said.
A key part of this is the launch of SMSF digital product ‘ANZ Self Managed Super', which it said will be characterised by convenience and functionality.
"Digital and mobile technology is increasingly driving how we operate and how we serve our customers, and as their behaviours change, we're focused on finding new ways to better connect with customers and their wealth," Joyce said.
The new product will be available early next month.
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