AMP to acquire Cavendish Group
AMP has announced plans to acquire Cavendish Group and set up a new self-managed super fund (SMSF) business unit.
The new business unit, AMP SMSF, will be led by Paul Sainsbury who will report directly to AMP chief executive officer Craig Dunn.
Sainsbury will take over AMP SMSF on 2 July 2012 and will retain his role as director of integration within the group.
AMP SMSF will initially focus on building scale to deliver SMSF administration services to individuals, accountants, stockbrokers and external financial advisers, as well as developing SMSF advice and packaged solutions for AMP's aligned distribution channels, the group announced.
A full update has been published in today's Money Management e-newsletter.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
