Financial services firm’s Adelaide expansion a super concept
A leading provider of services for Self-Managed Superannuation Funds (SMSFs) announced plans today to expand its operation in Adelaide in a move which will create 52 new highly skilled jobs in the State’s financial services sector.
SuperConcepts is Australia’s largest provider of services to SMSFs, providing administration, software and education services to more than 55,000 funds.
The expansion will see the company increase its national operations in Adelaide.
The South Australian Government is providing $1.6 million to support the expansion via the Economic Investment Fund.
SuperConcepts is one of the largest employers of SMSF professionals in Australia, employing more than 360 people across offices in Sydney, Adelaide, Melbourne, Brisbane and Perth.
According to the Australian Taxation Office’s statistical report, the SMSF sector is currently the largest superannuation sector by assets with approximately $600 billion and is expected to grow to more than $2.5 trillion by 2035, with the majority of post retirement funds expected to be held in SMSFs.
The South Australian Centre for Economic Studies has calculated that the net present value of gross state product impact over the first 10-years of the project would be $79.7 million.
SuperConcepts has a long and valued relationship with The University of Adelaide, delivering accredited qualifications and providing SMSF research insights through The University of Adelaide Business School.
Investment Attraction South Australia has been the lead agency in supporting SuperConcepts’ expansion.
Premier Jay Weatherill said the State Government was thrilled SuperConcepts has decided to expand its operations in Adelaide, creating more than 50 jobs for South Australians in the process.
“It demonstrates confidence in our State’s future and the State Government’s support of growing industries,” Mr Weatherill said.
“SuperConcepts is the latest in an increasing list of high profile investments in this State facilitated by Investment Attraction South Australia – a list that includes international aerospace company Boeing, IT giant NEC, food processor Ingham’s and IT services provider Datacom.”
Minister for Investment and Trade Martin Hamilton-Smith said South Australia provides a highly attractive, profitable location for financial and business services operations.
“With the SMSF Association already headquartered in Adelaide, SuperConcepts’ expansion in South Australia will see Adelaide become a national hub for SMSF administration and develop the next generation of industry experts right here on our doorstep,” Mr Hamilton-Smith said.
“I’m pleased to be able to offer SuperConcepts a grant of $1.6 million to help create new highly-skilled jobs and grow its workforce.”
CEO of SuperConcepts Natasha Fenech said the company was excited to be expanding it’s presence in South Australia and contributing to the growth of the financial services industry in the region.
“This agreement represents another step forward for the SuperConcepts business and will be a foundation for further growth and investment in South Australia,” Ms Fenech said.
“We will continue to invest to expand and evolve our offering to both build our presence in South Australia and so we can deliver greater efficiency, both for our business, and for our customers through innovative, simple and cost effective solutions.”
CEO of the SMSF Association John Maroney said the Association is proud to have been based in Adelaide since 2003 and is also proud to have been associated with the SuperConcepts businesses for most of that period.
“We are thrilled that the South Australian Government is providing financial support to the growing SMSF sector in South Australia,” Mr Maroney said.
“We see continued growth opportunities for the SMSF community in South Australia and look forward to the expansion of the region as an SMSF hub in the years ahead.”