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.
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