Super Concepts scores $600m admin coup
Tuesday, 18 November 2008 12:15pm
Self managed super fund (SMSF) administrator, Super Concepts, is to administer approximately $150 million on behalf of 154 CommSec clients, a deal signed four months after YourChoice clients, with $450 million in SMSF assets, also moved to the ING-owned admin provider.
According to Paul May, Super Concepts general manager, Commonwealth Bank-owned Colonial First State moved 450 YourChoice SMSF clients each representing more than $1 million in asset under administration to Super Concepts in July.
More than four months later, Commonwealth Bank moved a further 154 CommSec clients, with more than $150 million in assets under administration to Super Concepts' administration service.
The deal means Super Concepts' client book increased by 15 per cent to 4,000 client accounts and now represents $4 billion in assets under administration.
In a statement, Colonial First State said the transfer of 154 SMSF administration clients to Super Concepts is subject to client consent.
Super Concepts agreed to maintain fees for the 2008/09 financial year for all clients who transfer their fund to the new service. This deal is subject to a maximum of 100 trades per annum, with there being no significant changes in applicable law or third party charges, a CFS spokesperson said.
Rainmaker Data shows that the SMSF sector is the fastest growing sub-segment of the superannuation industry, with over $362.5 billion in assets held in more than 390,000 accounts.
Michael Hobbs
