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ISCOVER
Staff Reporter
AMP will expand its share of the self-managed superfund market by acquiring Cavendish, the largest SMSF administrator in Australia.
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AMP CEO Craig Dunn claims that the country's leading wealth management company will be a market leader in the area after revealing the SMSF sector is to grow by $2.2 trillion by 2030.
“This is about creating a new way of doing business. We have established a new business unit with the remit to quickly take a leadership position in the highly fragmented SMSF market.
“We will develop customer-friendly and good value SMSF offers, leverage our existing distribution channels through our aligned adviser networks and also increasingly through accountants, stockbrokers, external financial advisers and customers direct as we increase our scale in this sector,” Mr Dunn said.
AMP also has an agreement to acquire The Cavendish Group with completion expected early July subject to a number of conditions.
Adelaide-based Cavendish Group is a privately owned company and is the largest SMSF administrator in Australia with more than 5,000 funds and 110 employees.
