OneVue sold its SMSF administration arm to AMP-owned SuperConcepts, according to a statement released this morning. This includes its establishment, administration, compliance and audit services.
For OneVue, the sale is part of its broader plan to focus on a fewer number of core business activities.
“We like the SMSF business and its people but it will not receive the management attention required to really grow the business from here,” said OneVue chief executive, Connie Mckeage.
At the time of the KPMG business acquisition in February, Ms Mckeage signalled a focus on investing in administration and technology centred on its superannuation member business as opposed to the more niche SMSF offering.
For SuperConcepts, the purchase is in line with its aggressive growth strategy, and follows a long line of acquisitions since its leader Natasha Fenech was appointed in 2013.
“The acquisition is consistent with our growth strategy, building the scale, reach and capability of our market leading administration offering to SMSF trustees,” Ms Fenech said in a statement.
“SuperConcepts now has a comprehensive suite of product and service solutions for SMSF trustees, accountants and advisers,” she said.