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SuperConcepts supports 57,000-plus SMSFs

SuperConcepts has reported it now supports more than 57,100 SMSFs and expects to benefit from scale and efficiency as the business continues to grow.

The AMP-owned SMSF business added around 3600 funds across administration and software services during the quarter ended 31 March 2017.

Parent financial services giant AMP provides professional administration services to 34 per cent of these funds.

The result in SMSF growth was an increase from about 39,400 in the first quarter 2016.

Assets under administration (AUA) were $22.5 billion at the end of the first quarter, an increase of $111 million.

The growth in the number of SMSFs, which are not included in the AUA, was mainly attributed to the acquisition of BPO Connect’s SMSF business.

SuperConcepts chief executive Natasha Fenech told selfmanagedsuper: “Building on its market-leading position, SuperConcepts increased the number of funds by approximately 3600 across administration and software services during first quarter 2017.

“We now support more than 57,100 SMSFs.

“As SuperConcepts continues to grow its fund numbers and market share through organic growth and acquisitions, we expect to benefit from scale and efficiency.”

AMP rebranded its SMSF business to SuperConcepts in January 2016.

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