Perpetual’s $16 million SMSF acquisition
Perpetual has moved further into the self-managed superannuation fund (SMSF) space with the acquisition of privately-owned SMSF administration provider smartsuper.
Perpetual announced to the Australian Securities Exchange today that it had undertaken the acquisition, which would make Perpetual one of the leading providers of SMSFs and small APRA fund solutions in Australia.
The transaction is valued at $16 million, with Perpetual claiming it will be earnings accretive in the 2009 financial year.
Smartsuper was established in 1990 and now has funds under administration of around $2.3 billion. Commenting on the acquisition, Perpetual’s group executive — structured products and platforms, Eric Wang, said it represented an important part of the company’s strategy.
Smartsuper will continue to operate under its current brand, with the company’s managing director, Andrew Bloore, suggesting the Perpetual acquisition would enable the company to draw on a wider range of resources.
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