Yesterday, AMP SMSF announced the acquisition of Justsuper, an SMSF administration business which has approximately 1,000 funds under administration.
Speaking to SMSF Adviser, AMP SMSF managing director Natasha Fenech said the acquisition, which is now wholly completed, contributes to AMP SMSF’s ongoing growth strategy.
“We’ve always stated that one of the core objectives of our business is to grow both organically and through acquisition. We’re looking to drive that customer experience and leverage scale and efficiencies to enable that to happen,” Ms Fenech said.
“We wanted to focus our attention on organic [growth] because we had made quite a few acquisitions up to that point and we needed to integrate them into our business.
“Our strategy hasn’t changed – we are absolutely focused on growing organically, but we also need to supplement that growth with [acquisitions] to reach the market share that we’re aspiring to move to.
“We’re constantly looking to acquire businesses that align to the direction that we’re going [in]. There has to be a natural synergy in the business [with that direction],” she said.
“My vision is that we continue down this journey around growth – that’s a really big focus for us. The growth enables us to get the economies of scale that we can then reinvest in better client experiences – and that’s really our predominant focus.”
For the next 12 months, AMP SMSF will continue to focus on back-office operations to “enhance the experience” of SMSF practitioners and trustees, she added.
Correct me if I’m wrong but didn’t AMP’s latest report showed a decline in funds? Why wouldn’t that be put to Fenech as it seems their ‘strategy’ is a dismal failure…