Business News

AMP buys SuperIQ, SuperCorp

Financial services giant AMP has acquired SMSF administration technology providers SuperIQ and SuperCorp.

The group made the announcement last Tuesday, revealing it had increased its stake in SuperIQ from 51 per cent to 100 per cent and lifted its ownership of SuperCorp from 20 per cent to 100 per cent.

SuperIQ has 4641 funds under administration, while SuperCorp has more than 27,000 funds on its software platform.

AMP said SuperIQ was an important driver for the group in creating a seamless and best-in-market customer experience for SMSF administration.

Meanwhile, it said the purchase of SuperCorp would allow AMP to develop a market-leading, end-to-end service for customers, including a software-only option for administration.

Both transactions were consistent with AMP’s strategy to build market share and efficiency in scale, allowing for the delivery of lower-cost services and better offers for customers, it said.

When asked by selfmanagedsuper whether the acquisitions would result in changes to SuperIQ and SuperCorp’s strategy and direction, AMP declined to comment.

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