AMP rejigs fledgling unit trust
AMP has revamped its fledgling non-super AMP Flexible Lifetime Investments product, which was launched in June 2003, by expanding the offering to include 47 different investment options and adding 15 fund managers.
The rejig is a bid by the group to grow the non-super Flexible Lifetime edition to match the super and allocated pension versions, which have a combined $14 billion in funds under administration.
The non-super version, which is a mass marketed offering targeting investors with between zero and $300,000 of investment funds, provides access to AMP's MyPortfolio service and allows investors to have as little or as much adviser contact as they wish.
"AMP Flexible Lifetime — Investments is a unit trust with many of the features of a wrap account, except that it is better value, easier to use and more appropriate for AMP's customers," AMP savings and retirement director Peter Nicholas says.
Single manager options added to the manager line-up includeBT Financial Group,Colonial First State,ING Investment Management,ABN Amro, Bernstein Management,GMO,Lazard Asset Management,Perennial Investment Partnersand Wellington Management.
Previously investors accessed all investments throughAMP Capital Investorsand its various Future Directions funds.
"It's a very snug fit within the total AMP Flexible Lifetime range, which is designed for people to manage their wealth through all stages of their life.
"And while Flexible Lifetime investors can't currently trade direct shares within the platform, they can link it to an AMP Cash Management Account that earns highly competitive interest rates while they make investment decisions."
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