AMP vows establishment of fifth pillar
|
|
The AMP chief executive Craig Dunn has sought to defend his company’s takeover bid for AXA Asia Pacific as providing a counter to the dominance of the big banks in the wealth management space.
In an address to the Trans Tasman Business Circle in Melbourne, Dunn pointed out that ten years ago only two commercial banks were among the top 10 fund managers in the country — but that since then many of the large independent fund managers had been absorbed by the big four banks.
“Today, largely through acquisition, our big four banks control almost half of the wealth management market between them,” he said.
Dunn said that while he greatly respected Australia’s major banks, he also had no doubt that Australians would benefit from having an even stronger, home-grown non-bank competitor in the wealth management market.
“If successful, our merger with AXA’s Australian and New Zealand operations would provide a new way forward,” he said.
Dunn said the merger would build a fifth pillar in the financial services sectors — not just in policy terms, but in competitive terms.
AUTHOR
Mike Taylor
Recommended for you
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.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
