As part of the deal, SuperIQ will provide ANZ with a white-labelled SMSF product and administration service, as reported by InvestorDaily sister publication SMSF Adviser yesterday.
SuperIQ chief executive Andrew Bloore, who owns 51 per cent of the business, said the acquisition of Super Concepts would provide greater scale and allow SuperIQ to provide enhanced services to customers, advisers and accountants.
“The agreement will allow us to better serve the needs of customers in this rapidly changing sector of the industry, while increasing the overall efficiency and competitiveness of the business,” said Mr Bloore.
Following the announcement from SuperIQ, ANZ announced its own plans to launch a "digital self-managed super fund".
“This new SMSF solution will enable ANZ to provide clients with an integrated digital product that helps them manage all their self-managed superannuation needs in one place," said ANZ Global Wealth chief executive Joyce Phillips.
“We see an opportunity for ANZ to become a key player in the SMSF market,” she said.
ANZ will roll out 'ANZ Self Managed Super' to customers in December.
