SuperConcepts AUM down 26%
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.
Bourguignon noted the firm was working on simplifying its products to help clients grow their businesses.
“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.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
