The company currently provides SMSF administration for over 600 SMSF funds and its near-term objective is to increase this to 2,000, according to the statement.

“The company is currently investigating funding options which will enable it to pursue further opportunities for growth through strategic acquisitions and from further consolidation of its offering,” Sequoia stated.

Sequoia’s managing director, Scott Beeton, added there are various “compelling” opportunities that the company is assessing.

“There are now over 500,000 SMSFs in Australia and this number continues to grow. This is a significant part of the Australian economy and Sequoia intends to become a serious player in this industry," he said.

Sequoia is a privately-owned company which operates as four divisions, including Sequoia Asset Management, Sequoia Superannuation, Sequoia Specialist Investments and Sequoia Wealth Management.