Australia-based fund services provider OneVue has disposed of its self-managed superannuation fund (SMSF) administration business to SuperConcepts for an undisclosed sum.
SuperConcepts operates as a SMSF business of Australian wealth manager AMP.
The deal is part of OneVue’s strategy to focus on core business activities. It recently sold RE to Equity Trustees.
Commenting on the transaction, OneVue CEO Connie Mckeage said, “We like the SMSF business and its people but it will not receive the management attention required to really grow the business from here.
“As the market leader in SMSF administration SuperConcepts will bring the focus and additional services this business needs to really move forward so we are excited for both for the SMSF team and for their clients of which I am one. We look forward to building an even closer relationship with the SuperConcepts team.”
SuperConcepts CEO Natasha Fenech: “The acquisition is consistent with our growth strategy, building the scale, reach and capability of our market leading administration offering to SMSF trustees.
“SuperConcepts now has a comprehensive suite of product and service solutions for SMSF trustees, accountants and advisers.”
Recently, OneVue agreed to buy KPMG Superannuation Services, the super member administration arm of professional services firm KPMG that manages about $2bn in assets.