Effective immediately, AMP SMSF has wholly acquired the Justsuper business, which has about 1,000 funds under administration.
In an announcement, AMP SMSF said that following the acquisition, Justsuper will continue to operate under its own brand name and with its existing team of employees.
There will be no disruption to Justsuper’s clients, AMP SMSF stated.
“We’re excited to announce the acquisition of Justsuper as we continue to grow our SMSF operation,” said AMP SMSF’s managing director, Natasha Fenech. “It places the business in a strong position for future growth and further cements our leading position in the SMSF administration market.”
Stephen Doulgeridis, chief executive of Justsuper, will sit on the AMP SMSF leadership team and report to Ms Fenech.
“This is great news for Justsuper and its clients,” Mr Doulgeridis said. “We will continue to operate in the same way we always have. Clients will now benefit from a broader range of market-leading SMSF administration platforms, as well as having access to AMP SMSF’s team of highly regarded technical experts.”