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

The agreement, signed on Friday, means that Equity Trustees’ superannuation trustee will have an outsourcing agreement for SuperConcepts to provide SAF administration, and a referral agreement that will see AET refer SMSF and PMS clients to SuperConcepts.

According to Equity Trustees, the partnership delivers on its expectation to find alternative providers for the platforms business following its acquisition of AET last August, which was not core to the firm's “focus on trusteeship”.

The firm noted that in the coming days, communications will be initiated to notify SMSF and PMS advisers and clients regarding AET's intended withdrawal from SMSF and PMS services.

“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.

Also commenting on the deal, Matthew Rowe, managing director of SuperConcepts said in a separate statement: “As the only SMSF administrator with software accreditation, and one of only 12 SuperStream suppliers approved by the Australian Tax Office, SuperConcepts is uniquely qualified to efficiently and securely service the administration needs of these clients and their advisers.”

“Led by an executive team of extensive industry experience, SuperConcepts is committed to ensuring our service offerings are held to a high standard of care. Our enterprise grade solutions provide clients the benefit of specialised administration support and tailored expertise,” Mr Rowe said.

“This agreement stems from rigorous due diligence by both parties to secure optimal client outcomes. With a dedicated team streamlining the onboarding of referred clients, we aim to automate much of the process for a swift and smooth service transition.”

Last year, Equity Trustees said the acquisition of AET from SFG Australia would enhance its capability in private client trustee services.