Equity Trustees (ASX: EQT) today announced a partnership with SuperConcepts [1] to take on the clients of the platforms business of Australian Executor Trustees (AET), ensuring they will continue to receive specialist superannuation and platform services.

The partnership delivers on the expectation noted in the acquisition announcement last year [2] to find alternative providers for the platforms business, which was not core to Equity Trustees’ focus on trusteeship.

 

The AET platforms business, which was part of the acquisition of AET, comprises SMSF administration and custody, Platform Management Services (PMS) and Small APRA Fund (SAF) administration and custody.

Specialist SAF administrator SuperConcepts developed, owns and operates the only tailored SAF platform (SuperMate) in the Australian market and is a market leading provider of SMSF administration with strong operational knowledge of the AET platforms business.

Following an extensive process conducted by Equity Trustees, the agreement will mean:
1. Equity Trustees’ superannuation trustee will have an outsourcing agreement for SuperConcepts to provide SAF administration, and
2. A referral agreement which will mean AET will refer SMSF and PMS clients to SuperConcepts.

Communications to SMSF and PMS advisers and clients will commence shortly to notify them of AET’s planned exit from SMSF and PMS services and how the streamlined transfer to SuperConcepts aims to minimise disruption to service. The separate transition of SAF administration to SuperConcepts is expected to be completed in 2H FY24.

“We will be working closely with SuperConcepts, and advisers and clients of the platforms business to ensure the process, and any options available to them, are clearly communicated and the transition process is efficient,” said Mick O’Brien, Managing Director, Equity Trustees.

“In line with our core capability, Equity Trustees will continue to have a role by providing SAF trusteeship through our superannuation licensed entity (Equity Trustees Superannuation Limited) and the provision of select non-standard asset custody for the SAFs (via another Equity Trustees subsidiary).

“We are pleased to have reached an arrangement with the market leading provider of administration services, which is an excellent outcome for clients of this part of the AET business. For Equity Trustees, the exit from the platforms business enables us to maintain our focus on our core business of trustee services,” he concluded.