Paul Sainsbury

AMP SMSF has acquired the SMSF administration business of Queensland-based administration and superannuation software developer, Supercorp Pty Ltd, effective immediately.

AMP SMSF will wholly acquire Supercorp’s daily and annual administration business under the YourSMSF brand, which has 1,200 accounts, and take a 19.4 per cent stake in Supercorp’s software solution Supermate.

AMP SMSF Managing Director Paul Sainsbury said the acquisition reflected AMP SMSF’s focus on growth and the customer experience.

“Building scale and efficiency in our SMSF administration systems and processes is a priority for us as it will mean a better overall experience for our customers.

“SMSFs are the fastest growing superannuation segment and the addition of a further 1,200 accounts through our acquisition of YourSMSF positions us well for further growth and cements our leading position in the SMSF administration market.

“Technology is a key enabler in this market so we are also pleased to be investing in Supercorp’s software solution, Supermate, and we look forward to working closely with them on future technology developments,” Mr Sainsbury said.

Kurt Groeneveld, the founder and CEO of Supercorp said: “AMP has quickly established itself as a leader in the self-managed superannuation industry and through its different SMSF businesses has had the opportunity to use a number of major SMSF administration technology options.  We are therefore delighted that they have chosen to become a significant shareholder in Supercorp’s Supermate technology.”

AMP is in the process of contacting Supercorp’s YourSMSF customers about the acquisition and both AMP and Supercorp are working on bringing the respective SMSF administration operations together with a focus on ensuring customers are not disrupted by the change.

AMP’s Multiport SMSF administration business has been a long term client of Supercorp’s technology solutions and uses the Supermate software as part of its administration platform.

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In a first for the SMSF sector, accountants, advisers, administrators and their trustee clients are now able to customise the transaction feeds from specific platforms and brokers to ensure accurate data is available by the next business day. The initial services on offer include fully automated transaction data loads from Macquarie cash and wrap accounts, BT Wrap, E*Trade and  the new superMate OmniBroker service. This service will load any Australian equity contract note from any broker into the superMate system. 

“With superMate’s innovative automated clearing process, share trades will be automatically reconciled and posted in conjunction with a fund’s banking transaction data. We believe that accountants and advisers who are involved in administering SMSFs with actively traded share portfolios will experience time and cost savings of around 30% by automatically getting the right information each day.

“Trustees can get an accurate, current picture of their SMSF’s Australian equity holdings which has been difficult in the past given the time taken to manually update share sales/purchases,” said David Mendelovits, Business Development Manager at Supercorp.

superMate’s OmniBroker service is powered by RSDataWeb, an automation & integration platform by Cloud technology specialists Reward Super, and is delivered on a pay-as-you-go basis. This reduces ongoing fund administration costs as accountants and advisers can use this service as required  for specific SMSFs rather than a blanket fee for all funds for the whole year.  

Mr Mendelovits expects that superMate will announce new services over the next few months, including data loads from more banks and platforms as well as automated links for the creation of pension exempt certificates from Australia’s leading actuaries and a fully automated trust deed creation service.

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