This investment signifies Fortitude's commitment to bolstering ASF's capabilities with capital intended for technological enhancements and diversifying its service offerings. Additionally, Fortitude aims to support ASF's future growth through strategic acquisitions. Nick Miller, managing partner at Fortitude, expressed confidence in the partnership's potential to uplift customer experiences and solidify ASF's influence within the SMSF assurance industry.
ASF Audits Managing Director, Casey McGrath, highlighted the acquisition as a gateway to expansion, emphasizing the firm’s commitment to increasing its market share. He reaffirmed the firm’s dedication to quality assurance imperative for SMSF trustees and the wider industry. ASF Audits, headquarted in Adelaide, employs a workforce exceeding 100 across multiple locations in Australia and nearly 50 offshore, serving over 200 clients nationwide.
As a dominant player in the SMSF audit market, ASF Audits currently claims a 7% market share. The SMSF sector itself continues to expand, with assets projected to surpass $1 trillion this year, accounting for close to a quarter of all superannuation assets in Australia. The sector's growth is underscored by over 625,000 active SMSF accounts, illustrating a 10% increase over the past five years.
Fortitude, known for specializing in lower mid-market investments across Australia and New Zealand, manages over $350 million in investments and reports an annual return rate of 23% post-fees. This acquisition is poised to not only extend Fortitude's influence within the financial services sector but also to reinforce ASF Audits' role as a pivotal entity within the expanding SMSF landscape.
