Wednesday 27th June 2012
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AMP is gearing up in the self-managed superannuation sector in Australia but is not signalling a similar move in New Zealand.
AMP is buying self-managed funds (SMSF) administrator Cavendish Group in Australia and says a new business unit called AMP SMSF will seek to grow its share of the largest and fastest growing superannuation sector in Australia.
Currently the sector comprises assets of A$430 billion. It is projected to grow to A$2.2 trillion by 2030.
"The acquisition of Cavendish, combined with the client base of our existing SMSF businesses, Multiport, Ascend and AMP's investment in SuperIQ, will make us the most significant player in the SMSF professional administration market," AMP SMSF director Paul Sainsbury said.
Adelaide-based Cavendish is the largest SMSF administrator in Australia with more than 5000 funds and 110 employees. No price was given for the deal.
Self-managed super funds allow people to control their own superannuation investment funds.
A spokeswoman said the expansion in the sector was initially focused on Australia.
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