ANZ has sold SMSF administration firm Super Concepts to SuperIQ, an administration business 49 per cent-owned by AMP.
SuperIQ has no intent to change the Super Concepts brand or the relationship that Super Concept has with One Path advisers, SuperIQ’s chief executive Andrew Bloore told ifa.
“It’s a scale play for us. It’s one thing to set out the best administrator, but it’s another to be able to say ‘How can we deliver this with sufficiency and scale?'
“Part of this is looking at the market and who the other players are in the market. Super Concepts was the logical one because it has significant relationships with a range of different accounting firms and intermediaries that we can provide our tools and services to,” he said.
Mr Bloore said moving forward, SuperIQ is looking to further acquisitions for growth opportunities.
Following this announcement from SuperIQ, ANZ announced it will launch a "digital self-managed super fund" in partnership with SuperIQ, with the intention of becoming a “key player” in the SMSF market.
“This new SMSF solution will enable ANZ to provide clients with an integrated digital product that helps them manage all their self-managed superannuation needs in one place," ANZ Global Wealth chief executive Joyce Phillips said.
ANZ Self Managed Super will be available to ANZ customers in December this year.
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