AMP is selling its SMSF administration and software business SuperConcepts to a private management group and Pemba Capital Partners, with former Count CEO Matthew Rowe to lead the company.
In an update to ASX on Thursday morning, AMP said it will receive an upfront cash consideration of approximately $8 million, subject to typical post-completion adjustments. The transaction is expected to result in an accounting loss on sale of around $7 million.
The sale follows AMP’s recent announcement that it is transitioning to a new operating model, with division CEO Scott Hartley departing in five months’ time, as well the selling off of AMP Capital businesses too Dexus and DigitalBridge.
AMP chief executive Alexis George said this was another step in simplifying the AMP business to focus solely on wealth management and banking.
“The purchasers are more natural owners of the SuperConcepts business and we will work closely with them to ensure a smooth transition of ownership and continuity for customers,” she said in a media release.
Rowe, who was also recently appointed Kofkin Bond & Co advisory board chair, will lead the business following completion of the sale, which is targeted for Q3 2023.
After a five-year stint leading Count which included the $2.5 million acquisition of Count Financial, Rowe departed last February.
Rowe was the chair of the Financial Planning Association (now part of the Financial Advice Association) from November 2010– to 2014.
In addition to Rowe, the management team will see the return of Brad Ackermann and Andrew Row to the company as chief operating officer and executive director of client services, respectively.
Current CEO Grant Christensen will depart upon the arrival of the new management team.
“This transaction supports the future growth of the business, with the new management team having a clear focus on continuing to improve outcomes for our clients,” Christensen said in a press media release from SuperConcepts.