- Thursday, 28 June 2012 | Staff Reporter
The financial services organisation has stated its intention to run Cavendish, Multiport and Super IQ as three separate brands to achieve this purpose.
"We think that having multiple brands in administration with different services will enable us to appeal to more SMSF investors and allow us to tailor services through our distribution channels to meet our clients' needs," AMP SMSF director Paul Sainsbury told InvestorDaily.
"We think there are plenty of opportunities for multiple brands to be successful in the market and that is what was behind the acquisition of Cavendish," he added.
"We're also attracted to the administration component of SMSFs because technology and innovation is actually making it easier for customers to set up self-managed super funds and to administer them over their life."
"We think technology will also improve the economics of SMSF admin and as a result of that we think it'll help AMP's market share and revenue growth."
Sainsbury said AMP had no intention of changing the Cavendish business from a geographical perspective either.
"We think there is an attractive skills base for self-managed super administration in Adelaide. In fact, Adelaide University runs quite a significant SMSF accreditation program which Cavendish supports so we find Adelaide an attractive market for self-managed super admin," he said.
AMP will soon be conducting an extensive review of the operations of its various SMSF administration arms to determine if any streamlining of processes can be achieved.
According to Sainsbury, the acquisition of Cavendish has been preformed to compliment all of the activities across the AMP group.
"SMSF admin is really the accounting, governance, and compliance of a self-managed super fund and the underlying investment vehicles into which SMSF investors put those assets, some of which are through retail products and in other cases are direct."
"AMP has a range of services that are available to be used by SMSF investors so we see it as a much more complimentary strategy," he said.
Latest from InvestorWeekly
- ANZ acquires Myanmar banking licence
- ASFA backs 'MyPension' concept
- Link Group set to purchase Superpartners
- Post-trade security JV launched
- Nikko AM restructures multi-asset teams
- First State Super adds MSCI platform
- Henderson launches fixed interest fund
- Asset managers facing operational pressures
- Perpetual expands trustee services in Singapore
- Christian super funds merge
- Creating super fund alpha
- Retirement income innovation must be inclusive
- Weighing up default fund insurance
- Don’t neglect developed markets
- Hunting for ‘preferred infrastructure’
- Westfield: a failure of engagement
- Can Europe avoid Japan’s fate?
- Cleaning up with clean technology
- Obsession with fees hurting retirees
- Do we need independent directors?
- CFSGAM expands Aussie equity team
- Lifeplan appoints national BDM
- Cuscal appoints CFO
- Bravura expands strategy director’s role
- Sunsuper expands investment team
- BNP Paribas appoints head of Hong Kong
- AUSCOAL Super appoints CFO
- Towers Watson names global manager research head
- ICG appoints managing director
- Former Treasury adviser to join ASFA