Through its AMP Employment Boost initiative, the foundation is looking to form long-term partnerships with non-profit organisations that help disadvantaged Australiansgain and maintain work – either through program delivery, thought leadership, community collaboration, social enterprise or other means

AMP Foundation Chairman Richard Grellman said the AMP Employment Boost continued the foundation’s tradition of helping non-profits support disadvantaged Australians:

“We know employment is a key driver of economic well being. Through AMP’s Employment Boost, we aim to provide support to organisations that think outside the box when it comes to helping vulnerable people enjoy the social and financial benefits associated with steady work,” Mr Grellman said.

“We are looking for long-term partnerships with a small number of innovative and effective non-profit organisations. The AMP Foundation partners with non-profits for thelong term. Our longest partnership spans 16 years and typically continue for at least eight years.”

AMP’s Employment Boost is looking for organisations that:

•  support Australian marginalised job seekers, including young people, mature Australians, people with disabilities, refugee and asylum seekers, andcommunities
• bring about systemic change
• are experienced in delivering employment solutions
• can provide evidence of outcomes. If it is a new project, there must be evidence of research undertaken and a plan to measure outcomes have an interest in and are capable of scaling up programs or collaborating with others to share their solution

Organisations that provide thought leadership or help build the capacity of other non-profits working in the employment space are also encouraged to apply. The AMP Foundation aims to support programs for disadvantaged people of all ages, gender and circumstances who live in Australia.

Initial funding will range from $100,000 to $300,000 per annum and partnerships will run for three years with an additional three years possible, based on performance.

Organisations can apply at boost.amp.com.au from 2 March until 4pm (AEST) on Monday 4 April.

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The new name, SuperConcepts, incorporates the range of services the business now offers  including SMSF administration, education and software services.

Existing brands including AMP SMSF Solutions, Ascend, Cavendish, Justsuper, Multiport, SuperIQ,  SuperMate and yourSMSF will operate as sub-brands of SuperConcepts. The  business will remain wholly owned by AMP.

Natasha Fenech will continue to lead the business, moving from her role as Managing Director, AMP  SMSF to the role of Chief Executive Officer, SuperConcepts.

“We have grown considerably over the last year, both organically and through a number of strategic  acquisitions, increasing our scale and efficiency in a rapidly growing and highly-fragmented  SMSF administration market,” Ms Fenech said.

“This change  unifies our businesses and teams, better positioning us to pursue the next  phase of our growth strategy, which will be driven by high-quality customer service, access to a range of market leading SMSF product providers and the ongoing delivery of a superior SMSF software solution, SuperMate,” Ms Fenech  said.

The SuperConcepts brand, which has been operating in the SMSF market since 1985, was selected after extensive market testing.

“We know from our research that the brand is well regarded, trusted and resonates with our customers across all of our services,” Ms Fenech said.

Customers will not experience any immediate change to how they interact with their provider. All customers are encouraged to contact their relationship manager with any questions.

Appointment of SuperConcepts board and leadership team

The SuperConcepts business will be supported by its own board, including a non-executive chairman  and five directors, to continue with the strategy to grow the scale of the business.

Mr Richard Grellman AM has been appointed as Chairman of the board. Mr Grellman has significant experience in financial services, gained through more than 30 years at KPMG and a number of roles as Chairman and Non-executive director of several public  companies, including Crowe Horwath.

Other appointees to the board include:

• Andrew Bloore, former Chief Executive Officer, SuperIQ
• Jonathan  Deane, Chief Innovation Officer, AMP
• Stuart  Forsyth, Director and Consultant, McPherson Super Consulting and former ATO  Assistant Deputy Tax Commissioner for Superannuation
• Paul  Sainsbury, Chief Customer Officer, AMP
• Natasha  Fenech, Chief Executive Officer, SuperConcepts

“We’re excited by the knowledge and expertise the new board will bring to our business,”  Ms Fenech said.

In addition, a new leadership team comprising nine people has been established to support the  growth of the SuperConcepts business.

Stephen Doulgeridis, founder of Justsuper has been appointed as General Manager, Business Development, while former Supercorp Chief Executive Officer, Kurt  Groeneveld, has been appointed as Chief Technology Officer.

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Spiro Paule

The Findex group yesterday announced the proposed acquisition of Crowe Horwath Australasia Ltd at a price of $0.50 cents per share which, if successful, would ascribe an enterprise value around $200 million and result in the privatisation of the Crowe Horwath business in Australia and New Zealand.

The transaction will take place by way of Scheme of Arrangement, with a Scheme Implementation Agreement having been entered into between Crowe Horwath Australasia Ltd and Findex Australia Pty Ltd. The acquisition price implies an equity value for Crowe Horwath of approximately $137 million. The balance represents Crowe Horwath debt for which Findex is assuming responsibility.

As part of the proposal, Crowe Horwath’s major shareholder, Alceon, has entered into an option which provides Findex with the right to purchase Alceon’s shareholding of approximately 19.87% in Crowe Horwath at the same price of $0.50 cash per share.

The bid follows a lengthy period of due diligence by Findex that included an extended round of face-to-face meetings, presentations and video conferences between senior Findex personnel, led by Findex Group CEO Spiro Paule and the majority of the Crowe Horwath principals.

These meetings took place across the main state offices of Crowe Horwath’s network of 110 locations in both Australia and New Zealand.

The Findex bid has the full support of the Crowe Horwath board who are recommending shareholders accept the offer in the absence of a superior proposal and subject to an independent expert concluding it is in their best interests.

Crowe Horwath Chairman Richard Grellman said: “After careful consideration, the Board has unanimously concluded that the proposal from Findex is a compelling proposition, offering Crowe Horwath shareholders a significant premium to the market price and fair value.”

Findex Group CEO Spiro Paule said: “Findex has a long-term strategy of growth through acquisition of quality businesses.

“We believe the Crowe Horwath businesses in Australia and New Zealand are a natural fit to the Findex stable because of the synergies between accounting practices, financial advice and financial services – a mix in which we have considerable experience.

“We plan to maintain the Crowe Horwath brand, and to grow the business, which we believe will prosper under our systems, culture and guidance,” Mr Paule said.

Crowe Horwath is a leading player in the SME market and is one of the largest and most significant accounting practices in Australasia, ranked 5^th by size in the market after the ‘Big Four’.

“Our group has acquired and successfully integrated businesses on more than 80 occasions since 2000 and Crowe Horwath itself is the result of a ‘roll up’ strategy executed over a similar period.

“Our corporate history demonstrates we are proven long term owners and buy businesses with the intention of adding and unlocking further value,” Mr Paule said.

“The hallmarks of the Findex Group include a strong and open corporate culture overlaid on a business built on robust systems and processes – we are the only financial services organisation in Australasia of any scale that is ISO 9001 quality accredited.

“It will be business as usual for Crowe Horwath clients, principals and staff but over time we are confident clients will notice and appreciate further enhancement to the already high level of service,” Mr Paule said.

The Findex Group is Australia’s largest non-aligned and privately owned financial advisory company. It has businesses across the spectrum of the financial advice industry including high net worth, middle range, public sector and online. The advisory business model is based on independence from investment products and non-conflicted advice.

The addition of the Crowe Horwath business in Australia and New Zealand will create an important strategic pillar in Findex, allowing the Group to strike a more balanced service offering between financial advice and accounting. In addition to its wealth management, lending and risk protection divisions, the business Group now adds further expertise in accounting plus significant audit and corporate advice capabilities.

“The Findex vision is based on our individual business offices being able to meet as many of our clients’ financial service and advisory needs as possible from under the one roof. We aim to offer a ‘family office’ suite of services that are open to all, rather than just a wealthy few, which is the typical domain of a ‘family office’ structure.

“The acquisition of Crowe Horwath, should we be successful, will significantly contribute to the further realisation of this goal,” Mr Paule said.

Findex is part owned by funds advised by global investment firm KKR and was advised by Jeff Singh of Chase Corporate Advisory, King & Wood Mallesons and Deloitte on the acquisition.

Findex Group businesses have around $8 billion under portfolio management, prior to the Crowe Horwath acquisition.

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