SuperConcepts’ total assets under administration (AUM) was down 26% in FY19 to $19.7 billion, from FY18, largely reflecting client attrition.
In AMP’s full year financial results, posted on the Australian Securities Exchange (ASX), said the self-managed superannuation fund (SMSF) administrator supported 47,431 funds that represented 8% of the SMSF market.
SuperConcepts chief executive, Lara Bourguignon, said in 2019 the firm reset its strategy towards consolidation and simplification.
“We faced into a number of legacy issues from the five years of mergers and acquisitions and announced a three-year plan for organic growth,” she said.
“Our focus has been consolidating technology stacks to ultimately bring efficiencies to our own business and to clients. This has been long and difficult work but we have made strong progress and 2020 will see the benefits of our technology consolidation.
“While 2019 had challenges we had planned for, we are now in a position to deliver on our long-term growth plans as we gain the necessary efficiencies for our ongoing viability and leadership in the SMSF sector,” she said.