AM Corp joins $1 billion club
AM Corporationhas broken through the $1 billion barrier for funds under administration in its corporate superannuation business with its recent win of the Optus staff super plan.
The 9000 members Optus Superannuation Plan, one of the largest plans to outsource to a master trust when it was acquired by AM Corp last month, took AM Corp over the $1 billion barrier with its $242 million in assets.
The $1 billion in corporate super is almost a third of total funds under management at AM Corp. The corporate superannuation slice of its total funds also represents 90,000 clients, more than half of AM’s 165,000 total number of clients.
“At AM, over 30 per cent of our inflows are now going into corporate super,” AM Corp’s general manager of corporate superannuation Grant Wilson says.
Wilson says the demands of employers looking to outsource their staff super is changing from wanting to reduce costs and save time administering a fund, to wanting to provide more services to their staff.
“One of the reasons for winning Optus was the AM Bureau which lets clients consolidate their investments and finances online, plus access to broking services and a cash management account. The cost to the employer is zero,” Wilson says.
AM also manages more than $550 million in retail super products from ‘mums & dads’ and small businesses, Wilson says.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
