Acquisitions in the Self-managed super fund (SMSF) space are proving commonplace as businesses attempt to build client bases during the current market conditions, with SuperIQ previously expressing a desire for growth.
In the latest wave of consolidation in the space, SMSF provider SuperIQ has acquired former Perpetual business Smartsuper.
AMP, which has a 49% stake in SuperIQ supported the Smartsuper purchase with a spokesperson today saying, “AMP thinks this is a good opportunity for SuperIQ to build scale and enhance their position in the sector.”
Earlier this year AMP acquired Cavendish, Australia’s largest SMSF administrator as part of plans to build up an SMSF dedicated business unit and capture a greater position in the $440 million market.
Source: Financial Standard. Read the full article here.
