The decision to scrap the name ‘Suncorp Wealth Management’ will not see any dilution to the strategic role of its asset management and super and investment businesses, according to group executive Geoff Summerhayes.
He said yesterday’s name change to Suncorp Life was about “aligning the strategy behind our core business, life insurance, recognising it generates over 60 per cent of our profit, and that this will increase going forward”.
“However, we have two important and profitable complementary businesses, the first being asset management through the Tyndall brand, and the second is our super and investment business, marketed under the Suncorp brand.
“Tyndall is a profitable asset manager, with net inflows that have won $460 million worth of new mandates in the first half of this year, continuing into the second half.
“We also have recently launched a new platform for our super and investment business called Wealthsmart, which has been very well received in the market.”
“Another angle to think about,” according to Summerhayes, “is that general insurance and life insurance are a cornerstone client of the asset management business, being Tyndall’s biggest client”.
“A total 50 per cent of the funds under management in Tyndall are managed for the general insurer and the life company, while another 25 per cent of the funds come from the value chain economics resulting from sitting alongside the super and investment business.
“We also manage about $6 billion from other investors through external mandates,” he said.
