AMP eyes expansion in SMSF space
AMP plans to extend its self-managed super fund (SMSF) network, potentially through further acquisitions, but concedes its development will hinge on consolidating its technology platforms.
The financial services company currently goes to the SMSF market under five brands, but hasn't ruled out acquiring more offerings as part of its growth plan.
"We will always consider acquisitions because it is part of our growth agenda, so we are definitely focused on both organic and acquisitional, but certainly over the last six months my focus has been more on organic growth and driving back to basics," AMP's head of SMSF, Natasha Fenech, said.
A key part of the strategy is cutting back on duplication in administrative platforms and moving towards a unified technology solution.
"In administration the benefit comes from technology economies of scale," Fenech said.
"We're looking to have a unified back end across our business and right now we don't," she said.
AMP's current five SMSF brands are AMP, Ascend, Cavendish, Multiport, YourSMSF.
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