SMF lands beancounter fund
Superannuation group SMF Funds Management has taken over management of the $45 million NSW funds management arm of chartered accountants Pannell Kerr Forster (PKF).
The purchase of the fund, previously managed by York Funds Management, opens the doors for SMK to the Sydney market where it will provide superannuation services to the financial planning industry and the mid-sized corporate market.
SMF managing director Chris Kelaher says: "As one of the few remaining independent master funds, we had the opportunity to buy a tidy business with a good distribution network and we jumped at it. We see it as a step towards becoming a truly national company."
He says SMF has experienced rapid growth over the past 12 months.
"After passing the $500 million mark midway through 1998, we are now managing funds of $600 million representing in excess of 30,000 members," he says.
The thrust into Sydney follows the establishment of an SMF office in Perth last year and further expansion moves are likely.
"We are looking at a number of other opportunities around the country at the moment," Kelaher says.
Potential acquisitions look set to be smaller groups that "are finding that compliance is becoming more difficult and administration is becoming more onerous".
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