AMP has sold SuperConcepts, a self-managed super fund (SMSF) software and administration business, to a private management group and Pemba Capital Partners.
The buyers paid $8 million in the acquisition.
In an announcement to the Australian Securities Exchange [pdf], AMP said the transaction “is expected to result in an accounting loss on sale of approximately $7 million.”
SuperConcepts provides “SMSF administration, compliance and technology solutions to financial advisers, accountants, and individual investors,” AMP said, “and has approximately 500 employees who will transfer out of AMP with the sale.”
AMP acquired the business in 2015.
The insurer has been working to “simplify” its business and “focus on its core retail banking and wealth management businesses”, a process that began after it lost $2.5 billion for the 2019 financial year.
The management group buying SuperConcepts with Pemba includes Matthew Rowe, who will lead the SuperConcepts business following the expected completion of the transaction by the end of the third quarter 2023.
“The purchasers are more natural owners of the SuperConcepts business," AMP CEO Alexis George said.
"We will work closely with them to ensure a smooth transition of ownership and continuity for customers.”
